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July 21, 2022, 3:27 PM
The former president of Atlantic Coast Bank stumbled in his lawsuit seeking about $1.65 million under his supplemental executive retirement plan, when a federal magistrate judge in Florida recommended upholding a determination that the payout was a prohibited “golden parachute.”
The Federal Deposit Insurance Corporation reasonably determined that Robert Larison’s proposed payout was an impermissible golden parachute under federal banking law, Magistrate Judge Laura Lothman Lambert said in a report issued Wednesday.
Larison argued the payment didn’t satisfy the golden parachute requirement of being payable upon termination, because it could have been triggered by several events, including his 55th birthday. …
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