Ex-Partner Sues WolfBlock, Seeks Severance Pay for 2003 Departure
A former partner of WolfBlock has sued the dissolving firm and former chairman Mark Alderman, contending that they failed to continue making severance payments required under an agreement reached concerning his requested departure from the Philadelphia-based firm in 2003.
It provided for Michael Budin to be paid almost $27,000 annually for 15 years, reports the Legal Intelligencer in an article reprinted in New York Lawyer (reg. req.). But, although the payments were to continue until 2017, the administrators in charge of the wind-down said they took a lower priority than those due to creditors, especially secured creditors, according to his Philadelphia Common Pleas Court complaint.
Budin says he considers himself a creditor, too. His complaint asserts breach-of-contract and wage-collection claims.
