Commerzbank Must Pay $68M In Banker Bonuses: UK Court

Law360, Washington (April 26, 2013, 5:32 PM EDT) -- The U.K. Court of Appeal unanimously affirmed a lower court's ruling on Friday and ordered Commerzbank to pay 104 Dresdner Bank AB investment bankers a combined €52 million ($68 million) in promised bonuses, saying the company's commitment to the employees was binding.

Dresdner initially created a €400 million “minimum bonus pool” for employees in 2008 and announced the plan to the workers in an unrecorded town hall meeting. But after Commerzbank purchased the bank, it slashed the funds by 90 percent, claiming the cuts were necessary...
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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.