Breach of Incentive Compensation Plan – $14.4 million settlement

Breach of Incentive Compensation Plan – $14.4 million settlement

March 6, 2006

$14.4 million settlement for plaintiffs: Siemens Medical repaid lost bonuses in Breach of Incentive Compensation Plan case

Excerpt From Crains Detroit
Case closed

SIEMENS MEDICAL PAYS BACK BONUSES LOST

Biggest verdicts and settlements of 2005 for metro Detroit March 06, 2006

Janet Street v. Siemens Medical Solutions Health Services Corp.

Settlement: $14.4 million, May 5, 2005

Venue: Philadelphia County Court of Common Pleas

Filed: March 1, 2003

Plaintiff: Janet Street

Attorney: E. Powell Miller, Miller Shea P.C.

Defendant: Siemens Medical Solutions Health Services Corp. Attorney: Michael L. Banks, Morgan Lewis & Bockius L.L.P.

Case description: Breach of incentive compensation plan. Brought by workers who alleged that Siemens Medical Solutions breached their contract by instituting a 30 percent, across-the-board reduction of their 1998 bonuses, the lawsuit resulted in 100 percent certification of class-action claim. The settlement is significant because the defendant agreed to settle the suit for 100 cents on the dollar, plus paying attorney fees — allowing plaintiffs a recovery of the full amount by which their 1998 incentive compensation plan was reduced.

 

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