Judge OKs Asarco Bonus Plan To Stem Losses

Law360, New York (June 6, 2007, 12:00 AM EDT) -- A judge has approved a request by bankrupt Asarco LLC to pay employees bonuses totaling more than $11 million after the company argued its competitors were poaching its employees.

In an order Monday in the U.S. Bankruptcy Court for the Southern District of Texas, Judge Richard S. Schmidt signed off on the plan.

In May, Asarco asked to update its compensation plan—originally approved in April 2006—with the goal of retaining valued employees and recruiting to fill critical vacancies.

Although the original plan helped “stem the tide”...
To view the full article, register now.