LAWSUITS NEWS & LEGAL INFORMATION
Non Compete Breach
New York, NY: (Apr-14-08) Meritage Homes Corporation brought charges against John Landon, its former co-chairman and co-chief executive officer, over money that he had been paid under a non-compete portion of his contract. The suit claimed that as per the terms of his employment agreement, Landon had been entitled to $10 million, payable in equal monthly installments over 24 months, if he stuck to his non-compete obligations. In December 2006, Meritage deferred from making the payment, stating that Landon failed to comply with the non-compete portion of his termination agreement. The company initiated an arbitration proceeding against Landon in February 2007.
As part of a settlement reached, Landon, who resigned from the company on May 17, 2006, agreed to pay back to Meritage the amount he has been paid under a non-compete clause. Company officials announced that earlier in April 2008, the company was reimbursed $9,559,940. Records show that $2,701,613 of that amount was already paid to Landon and $6,858,327 held in escrow, plus interest. Sources stated that the deal relieves Meritage of paying the rest of the fund it either had not paid Landon or had not yet put into escrow under the pay schedule called for under the employment agreement. Additionally, as part of the agreement, Landon also has to pay an additional $875,000, to cover legal and ancillary costs associated with the dispute. [REUTERS: MERITAGE TO GET ABOUT $10MLN FROM FORMER EXEC]
Published on Apr-16-08
As part of a settlement reached, Landon, who resigned from the company on May 17, 2006, agreed to pay back to Meritage the amount he has been paid under a non-compete clause. Company officials announced that earlier in April 2008, the company was reimbursed $9,559,940. Records show that $2,701,613 of that amount was already paid to Landon and $6,858,327 held in escrow, plus interest. Sources stated that the deal relieves Meritage of paying the rest of the fund it either had not paid Landon or had not yet put into escrow under the pay schedule called for under the employment agreement. Additionally, as part of the agreement, Landon also has to pay an additional $875,000, to cover legal and ancillary costs associated with the dispute. [
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Apr-16-08
