Citibank Tries To Block Bonuses For Howrey Employees

Law360, New York (July 12, 2011, 6:17 PM EDT) -- Citibank NA on Monday objected to defunct Howrey LLP's bid to have a California bankruptcy court back an employee retention plan that would pay bonuses to nearly half of its remaining employees, calling the move premature and one that could be harmful to creditors.

A secured creditor in Howrey's Chapter 11 proceedings, Citibank asked the bankruptcy judge to deny the firm's motion for approval of a nearly $500,000 employee incentive and retention plan that would give bonuses of up to 50 percent of an employee's annual...
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