ResCap Hits Snag In Bid For $4M To $7M Incentive Plan

Law360, New York (August 29, 2012, 2:13 PM EDT) -- A New York bankruptcy judge on Tuesday denied Residential Capital LLC’s bid for an incentive program that would award key insiders between $4.1 million and $7 million, saying much of the work for which the employees would be rewarded was done before the company went into bankruptcy.

U.S. District Judge Martin Glenn denied the Ally Financial Inc. mortgage servicing unit's motion without prejudice, saying ResCap could resubmit another key employee incentive plan with modifications. In its current form, he said, the plan was more retentive than...
To view the full article, register now.