My wife just got RA'd after over 17 years of stellar service and immediately following a change in severance policy that dramatically reduced severance.
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Go for it, talk to a lawyer. If everything was so cut and dried Why would IBM even offer this severance package with the heavy verbiage releasing your rights to sue?
Agreed - no chance of winning. IBMers are "at will" employees. The company made NO commitment to continue employment, and NO commitment to any specific process for layoffs/severance. Some RA'd folks have made noise about age discrimination - but after IBM lost one of those cases a long time ago, it seems that they have been very careful to balance each senior/old/experienced person with a junior/young/new person.
Your chance of winning is slim to none. I guess you or wife have not been following the Alliance over the last few years.