Sorry safetypee,
Couldn't disagree more! You follow the aom climbout procedure! Every takeoff has a escape maneuver, whether it be straightout or a turn! You follow the aom climbout profile. Should the engine fail before reaching v2 then you accelerate to v2, should the engine fail at v2 than you maintain v2 should the engine fail above v2 then you pitch up to decelerate to the speed given by the aom( usually anywhere between v2 and v2 +10) any speed above v2 on two engines gives you generally speaking beter climb performance than v2 so you clear the obstacles sooner.
So in answer to the initial poster, the one captain was right as long as the Vy was not above the recommended climbout profile speed you maintain to two engine acceleration height according to the aom.
If memory serves me right, on the fokker 50 you would pitch up to about 10 degrees which would give you about slightly more than v2+ 10, if the engine failed above this speed you would reduce speed to v2+10 if it failed between v2 and v2+10'you would maintain current speed!