Holsen v. Marshall & Ilsley Bank

The basic question before the trial court involved the 1958 amendment to the Frank H. Bercker Studios, Ltd. employees’ profit sharing and retirement plan providing that a participating employee who “intends to engage directly or indirectly” in a competitive business shall receive only 50 percent of his vested participating interest in the plan at the severance date. The trial court held that this amendment was violative on its face of sec. 103.465, Stats., which provides:

“A covenant by an assistant, servant or agent not to compete with his employer or principal during the term of the…