A venture capital firm must pay nearly $400,000 to its former president, whose right to resign for "good reason" under an employment agreement was triggered after he could no longer report directly to the company's chairman, a state judge has ruled. Acting Supreme Court Justice Bernard J. Fried of Manhattan held that C. Richard Stafford, president of Scientia Health Group, was entitled to severance pay since the company failed to appoint a new chairman in the wake of Samuel Waksal's departure from the post.
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Change in Report Relationship Ruled a Breach of Contract
New York Law Journal
June 20, 2008
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