rberg92117
Junior Member
What is the name of your state?
Calif
This is the second time that I've submitted this request. I would really like to know if I have a case outside the jurisdictions of ERISA. Thanks
Here is the short version. (The complete details are below it)
My small company (QMI) was bought by a very large company (Dexter).
Many QMI employees had stock options that had not matured yet and would never be able to exercize them. (This was the last stumbling block for the sale.)
The Dexter VP of Human Resources (and the Director of the Division) PROMISED us that "all of our years at QMI would apply towards our Dexter Pension. (a VERY small consession for the lost stock$$$).
The sale went through, but Dexter never put the "pension promise" in writing.
Dexter's assets have since been sold, and the new company (Loctite) will not honor the "pension promise"
The old Dexter VP of HR and the Director of the Division, now work for the new company and admit they made the promise, but they apologize that the company won't live up to their promise..."It was a mistake".
I have spoken to a few attorneys who do ERISA work. They won't take the case on a contingency basis, and I'm afraid their $rate will eat up any future value of my pension.
My question is can I sue the The Dexter VP of Human Resources and the Director of the Division for breach of contract?
Thank you for reading this far
Below is the detailed version
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I worked for a company, Quantum Materials Inc. (QMI), for 12 years that had no pension plan. We were rewarded with stock options instead. QMI sold in 1997, and only the options that had matured were allowed to be exercised. There were many disgruntled, long time employee/share holders that were still holding options that had not matured yet. I lost 6000 shares that had been valued at a $42 per share earning (over $250,000 worth). The Division President and VP of Human Resources of the company that purchased us, Dexter Corp, told us that the "years worked with QMI would count as years worked with the Dexter" with regards to their pension plan. Although this offer would make up only a small portion of my losses, it was better than nothing.
Move ahead to late 2000, Dexter is sold to a company called Loctite/Henkel.
When I left Loctite/Henkel, I requested a copy of my pension status information. I received a formal calculation that was signed by someone at Pricewater/Coopers, which included my "QMI years" and the total $$ was exactly as I had expected. Since than, many of the original QMI employees have left Loctite/Henkel, and gone on their way to other companies. Their requests to get copies of their pension statements have generated calculations that don't include the "QMI years". The old President of QMI was told, by the Dexter Division President and VP of Human Resources, that the verbal agreement they made was never put in the "summary plan description", and was not recognized when Dexter sold to Loctite/Henkel.
While the Dexter Division President and VP of Human Resources still admit to making their statements regarding the "QMI years", they now say that they were wrong and that the copy of my pension status information (which included the "QMI years"), is incorrect. Both the Dexter Division President and VP of Human Resources are now officers in the new company, and although they don't deny their misleading statements, they will not put them in writing. The old President of QMI says he is sure that they will testify correctly if deposed, but I think the case would be too expensive to bring to trial.
Calif
This is the second time that I've submitted this request. I would really like to know if I have a case outside the jurisdictions of ERISA. Thanks
Here is the short version. (The complete details are below it)
My small company (QMI) was bought by a very large company (Dexter).
Many QMI employees had stock options that had not matured yet and would never be able to exercize them. (This was the last stumbling block for the sale.)
The Dexter VP of Human Resources (and the Director of the Division) PROMISED us that "all of our years at QMI would apply towards our Dexter Pension. (a VERY small consession for the lost stock$$$).
The sale went through, but Dexter never put the "pension promise" in writing.
Dexter's assets have since been sold, and the new company (Loctite) will not honor the "pension promise"
The old Dexter VP of HR and the Director of the Division, now work for the new company and admit they made the promise, but they apologize that the company won't live up to their promise..."It was a mistake".
I have spoken to a few attorneys who do ERISA work. They won't take the case on a contingency basis, and I'm afraid their $rate will eat up any future value of my pension.
My question is can I sue the The Dexter VP of Human Resources and the Director of the Division for breach of contract?
Thank you for reading this far
Below is the detailed version
-
-
-
-
-
-
-
-
-
I worked for a company, Quantum Materials Inc. (QMI), for 12 years that had no pension plan. We were rewarded with stock options instead. QMI sold in 1997, and only the options that had matured were allowed to be exercised. There were many disgruntled, long time employee/share holders that were still holding options that had not matured yet. I lost 6000 shares that had been valued at a $42 per share earning (over $250,000 worth). The Division President and VP of Human Resources of the company that purchased us, Dexter Corp, told us that the "years worked with QMI would count as years worked with the Dexter" with regards to their pension plan. Although this offer would make up only a small portion of my losses, it was better than nothing.
Move ahead to late 2000, Dexter is sold to a company called Loctite/Henkel.
When I left Loctite/Henkel, I requested a copy of my pension status information. I received a formal calculation that was signed by someone at Pricewater/Coopers, which included my "QMI years" and the total $$ was exactly as I had expected. Since than, many of the original QMI employees have left Loctite/Henkel, and gone on their way to other companies. Their requests to get copies of their pension statements have generated calculations that don't include the "QMI years". The old President of QMI was told, by the Dexter Division President and VP of Human Resources, that the verbal agreement they made was never put in the "summary plan description", and was not recognized when Dexter sold to Loctite/Henkel.
While the Dexter Division President and VP of Human Resources still admit to making their statements regarding the "QMI years", they now say that they were wrong and that the copy of my pension status information (which included the "QMI years"), is incorrect. Both the Dexter Division President and VP of Human Resources are now officers in the new company, and although they don't deny their misleading statements, they will not put them in writing. The old President of QMI says he is sure that they will testify correctly if deposed, but I think the case would be too expensive to bring to trial.