New York Supreme Court March 8, 1990 (Schmidt v. Park Avenue Bank, N. A.)

OPINION OF THE COURT

David B. Saxe, J.

This action between a former bank vice-president and his former employer, the Park Avenue Bank (the Bank), raises, inter alia, the issue of whether a "golden parachute” provision in a bank officer’s employment contract violates the National Bank Act provision that a bank may dismiss its officers "at pleasure”.