A split federal appeals court has ruled that a proposed class of former Pfizer employees is not entitled to severance benefits when the employees transferred to another employer.
The case arose out of Pfizer’s $68 billion acquisition of Wyeth Pharmaceuticals in 2009. The plaintiffs, who before the acquisition were Wyeth employees working at the on-site Benchmark Federal Credit Union, were part of a severance plan that stated if a Wyeth employee was terminated within 24 months of any change in control of the company, they would be entitled to benefits—provided the transfer of control was not to a “successor company” or affiliate.
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