Former Liberty executive David Cohen will receive $1.27m in retirement benefits after a federal court judge ruled against the insurer. Employed by the firm between 1999 and 2015, Cohen was enrolled in several employee benefit plans. Liberty Mutual was preparing to make him redundant when, not knowing this, Cohen left to join Aspen Insurance. Liberty Mutual reclassified his voluntary resignation as “termination for cause”, denying him accrued benefits. The judge criticised Liberty Mutual’s “lack of candour”, adding that acting as administrator and funder of the benefit plans was a conflict of interest.
Former Liberty Mutual executive David Cohen will receive $1.27m in retirement benefits after a federal court judge ruled against the insurer. Employed by the firm between 1999 and 2015, Cohen was enrolled in several employee benefit plans. Liberty was preparing to make him redundant when, not knowing this, Cohen left to join Aspen Insurance. Liberty reclassified his voluntary resignation as “termination for cause”, denying him accrued benefits. The judge criticised Liberty’s “lack of candour”, adding that acting as administrator and funder of the benefit plans was a conflict of interest.