Redundancy: Former ACC executive loses severance battle

ACC Bank's former head of strategy, marketing and communications has lost his High Court battle for an increased payoff under the bank's cost-cutting scheme.

4th May, 2013

ACC Bank's former head of strategy, marketing and communications has lost his High Court battle for an increased payoff under the bank's cost-cutting scheme, in a decision that could alter how employees value redundancy packages.

In 2009, the bank radically restructured its operations, aiming to cut costs by 30 per cent. Edward Kingston's communications job was abolished and he was made redundant.

ACC agreed to pay Kingston €280,000 plus a termination bonus of €125,000. He agreed to...

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