Legal Question in Business Law in New York
My mother retired from a bank that had no pension plan. Just before she retired, the bank was acquired by a larger bank that had a defined benefit plan. She ended up getting a small pension from the new bank. Why would the new bank give her a pension?
Asked on 6/02/12, 8:13 am
1 Answer from Attorneys
Nancy Delain
Delain Law Office, PLLC
Um ... it was probably part of the contract for the acquisition that NewBank must take care of OldBank's employees. That's not an unusual provision in M&A deals.
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Answered on 6/03/12, 10:09 am
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