ResCap Judge Says $2M CRO Bonus Not Tied To Hourly Pay

Law360, New York (January 30, 2014, 2:26 PM EST) -- A New York bankruptcy judge on Thursday appeared amenable to Residential Capital LLC’s request to pay its chief restructuring officer a $2 million bonus, indicating that he was not persuaded by arguments that the bonus would more than double the CRO's hourly pay.

U.S. Bankruptcy Judge Martin Glenn did not make a ruling at a Thursday court hearing where a ResCap attorney made his case for paying CRO Lewis Kruger the “success fee.” However, he noted the benefits Kruger’s service brought to the estate and was...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.