Judge Wants More Info Before Ruling On ResCap Bonuses

Law360, New York (August 8, 2012, 7:16 PM EDT) -- A New York bankruptcy judge declined Wednesday to rule on Residential Capital LLC's plan to pay nearly 200 employees and executives up to $18 million in bonuses, asking the debtor for more information about a portion of the plan that would reward insiders.

U.S. Bankruptcy Judge Martin Glenn took under submission the Ally Financial Inc. mortgage servicing unit's request to pay out the bonuses under a key employee retention plan for noninsiders and a key employee incentive plan for insiders. The debtor had argued that it's...
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