Young v. Merrill Lynch & Co., Inc., No. 10-20455 (5th Cir. 2011)
Annotate this CaseThis case arose when plaintiff lost his right to previously awarded, but unexercised, Restricted Units under Merrill Lynch's "Long-Term Incentive Compensation Plan for Managers and Producers" (the Plan). Plaintiff asserted that he had a right to his Restricted Units under an exception to the general rule, that employees lost their rights to Restricted Units not heretofore unexercised, because he left the firm for "Good Reason" after a "Change in Control." The district court granted summary judgment to plaintiff, holding that, under the applicable standard of review, Merrill Lynch's interpretation of the Plan was arbitrary. The court held that plaintiff failed to meet his burden of showing that no honest tribunal could have construed the Plan in any manner but his proffered reading and that Merrill Lynch had advanced an arbitrary reading of the Plan. Accordingly, the court reversed and remanded.
This opinion or order relates to an opinion or order originally issued on September 13, 2011.
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