Editor's Note

In Larison v. Ameris Bank, Ameris Bankcorp Inc. and Federal Deposit Insurance Corporation, 2022 BL 252363, M.D. Fla., No. 3:20-cv-01140, magistrate report decided July 20, 2022, a federal magistrate judge in Florida recommended upholding a determination that a payout of about $1.65 million to the fo...

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Bibliographic Details
Published in:Journal of deferred compensation 2023-01, Vol.28 (2), p.III-XVI
Main Author: McNeil, Bruce J
Format: Article
Language:English
Subjects:
Agreements
Banking law
Chief executive officers
Compensation plans
Court hearings & proceedings
Declaratory judgments
Deferred compensation
Deposit insurance
Golden parachutes
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Summary:In Larison v. Ameris Bank, Ameris Bankcorp Inc. and Federal Deposit Insurance Corporation, 2022 BL 252363, M.D. Fla., No. 3:20-cv-01140, magistrate report decided July 20, 2022, a federal magistrate judge in Florida recommended upholding a determination that a payout of about $1.65 million to the former president of Atlantic Coast Bank under his supplemental executive retirement plan was a prohibited "golden parachute." The magistrate judge said the Federal Deposit Insurance Corporation (the FDIC) reasonably determined that Robert Larison's proposed payout was an impermissible golden parachute under federal banking law. The magistrate judge also recommended upholding the conclusion by the FDIC that the retirement plan did not qualify under an exemption for "bona fide" deferred compensation plans. Ameris Bank, Ameris Bancorp, Inc., and the FDIC argued that the relevant final agency action occurred on February 12, 2012, the date of the OCC's first letter stating that payment under the sixth SERP was a golden parachute as defined in 12 C.F.R. Section 359.1(f) (2012 letter). Because Larison filed his complaint on October 6, 2020, which was more than six years after the 2012 letter, the defendants claimed it was barred by the statute of limitations.
ISSN:1083-6276