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A probe uncovered a euro970m ($1.1 billion) hole in its accounts, including $856m at its American Foodservice unit, which is now under legal investigation.As Vivendi Universal studied five competing offers for its American entertainment assets, Jean-Marie Messier, the man who ran up the debts to acquire them, won his case for severance pay at an American tribunal.
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It has also introduced a streamlined formula for severance pay, which will considerably reduce the amount in some cases, while increasing it in others.
"The norm in Britain is for severance pay of one year's salary, two years in exceptional cases, which is far less than the norm in America," says Paul Hodgson of the Corporate Library.
Mr. Raskin said there was "no basis for severance".
Laying off employees requires huge reserves for severance.
She asked for severance pay from her job, and got it.
The company took a 2-cent-a-share charge for severance payments in the fourth quarter.
After a $380 million pretax writeoff for severance pay and the like, EDS was in the red.
Reason: A mis-accrual for severance pay and pension benefits tied to restructuring actions, Ciesielski says.
Two such cases are the 1990s Jessica McClintock case for back wages in the US and the more recent case of German company Adidas paying severance wages to employees at PT Kizone in Indonesia.
Rainey sued for his severance, and says he was fired for giving unflattering testimony in a deposition.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com