Pacific Maritime Countersues Ex-CEO, Alleging Misconduct
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The Pacific Maritime Assn. has a filed a countersuit in federal court against its former chief executive, Joseph N. Miniace, and other parties saying they improperly diverted a $10-million settlement of an insurance policy.
Miniace sued the association in July, claiming the San Francisco-based organization fired him without cause and owed him more than $1 million in bonuses, severance pay and other compensation.
The association countersued Aug. 27 in U.S. District Court in San Francisco. According to that suit, Miniace diverted most of the $10 million from an insurance policy after the death of the group’s finance chief, Thomas M. McMahon, to McMahon’s wife and beneficiaries.
The organization, which represents shipping lines and terminal operators, alleges that Miniace shifted the funds without knowledge of the board of directors.
The shipping group contends that because it paid for the insurance policy, the bulk of the payout should have gone to the association, and it wants the funds returned.
Miniace, 59, could not be reached for comment.
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