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Business Organizations Keyed to Macey
Bane v. Ferguson
Citation:
890 F.2d 11 (1989)Facts
Charles Bane practiced corporate and public utility law as a partner in the venerable Chicago law firm of Isham, Lincoln & Beale. In August 1985, the firm adopted a nondistributory retirement plan that entitled every retiring partner to a pension. The plan instrument provided that the plan would end when and if the firm dissolved without a successor entity. Four months after the plan was adopted, the plaintiff retired, moved to Florida, and began drawing his pension. Bane was 72 years old when he retired. Several months after Bane’s retirement, Isham, Lincoln & Beale merged with Reuben & Protctor, another firm. The merger proved to be a disaster and the merged firm dissolved without a successor. The suit alleges that the defendants were the members of the firm’s managing council in the period leading up to the dissolution and that they acted unreasonably in deciding to merge the firm.
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