Unpaid Bonuses

In June 2011, an arbitration panel of the Financial Industry Regulatory Authority, Inc. (“FINRA”) in Manhattan, NY awarded compensatory damages of $493,906, plus costs, to a high yield trader formerly employed by respondent Citigroup Global Markets, Inc. (“Citigroup Global Markets” or “CGMI”), for breach of an implied contract to pay the trader a bonus for 2008. Sabri v. Citigroup Global Markets, Inc.,…Read More

In October 2010, an arbitration panel of the FinancialIndustry Regulatory Authority, Inc. (“FINRA”) in Manhattan, NY awarded compensatory damages of $715,000, plus interest and costs, to an investment banker, formerly employed by respondent Barclays Capital Inc. (“Barclays”), for breach of an implied contract to pay the investment banker a bonus for 2008. Whalen v. Barclays Capital Inc., Case No. 09-03587 (Oct.…Read More

On January 27, 2010, in Nichols v. SG Partners, Index No. 109439/2009 (N.Y. Sup. Ct. N.Y. County) (Edmead, J.), the New York County Supreme Court denied in most respects the motion to dismiss of the defendant, a financial executive placement company, and held that the plaintiffs, two former executive recruiters at the firm, stated causes of action for breach of oral…Read More

Under New York law, a terminated employee may pursue claims for breach of express and implied contract, unjust enrichment, and violation of Article 6 of the New York Labor Law against his employer for failing to compensate the employee for bonuses owed to him, even where no agreement to pay bonuses is set forth in writing. Such unpaid bonuses may…Read More

On December 23, 2009, the Manhattan County Supreme Court denied the motion to dismiss of the law firm defendant, and held that the plaintiff, a former associate at the firm, stated a cause of action for violation of an oral contract to pay the plaintiff one-tenth of the legal fees that the firm collected in any cases which the plaintiff…Read More