Former Embrex execs sue Pfizer over benefits
Published: Tue, Jan. 22, 2008 12:30AM
Modified Tue, Jan. 22, 2008 06:07AM
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closeThree former Embrex executives, including Randall Marcuson, who led the company for 16 years before it was sold last year, claim in a lawsuit that the new owners reneged on compensation and benefits they were promised.
Marcuson, Joseph O'Dowd and Don Seaquist were fired last year, months after Embrex was bought by Pfizer in a $155 million deal. The Durham biotech company now is a part of Pfizer Animal Health, a division that makes medicines and vaccines for livestock and pets.
Marcuson was chief executive. O'Dowd oversaw product development and supply. Seaquist was in charge of finances and administration. Marcuson and Seaquist were made millionaires in the deal.
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Their dispute with Pfizer is about disability insurance and tax reimbursements they say they are entitled to.
A spokesman for Pfizer, Rick Goulart, said the company is in compliance with the contracts.
The executives claim in the lawsuit that they are entitled to reimbursement for state and federal income taxes they will incur on lump-sum payouts from Embrex's retirement plan. They say Pfizer has indicated it will not honor the agreements.
In the lawsuit, filed last month in Wake Superior Court, they ask for unpaid wages, damages and attorney's fees.
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