ResCap Judge Approves Up To $7.8M In Bonuses

Law360, New York (April 12, 2013, 7:16 PM EDT) -- Residential Capital LLC is clear to set aside nearly $8 million in bonuses for a group of employees and executives after a New York bankruptcy judge ruled Friday that the payments will help the company meet certain goals as the fallen mortgage servicer winds down its operations.

U.S. Bankruptcy Judge Martin Glenn issued his written decision a day after ResCap urged him to approve the retention and incentive plans in court, agreeing with its argument that the payments will help motivate the remaining employees and executives...
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