Lawyers for financial services employees clarify contracts
A New York law firm represented financial services employees as politicians, news analysts and an angry public intensified scrutiny and criticism of Wall Street “bonus” compensation.
The employees – who were not personally responsible for taking unreasonable risks, making bad deals, or causing the huge losses that put their employer in the news – were working under “retention” contracts that often predated the federal bailout of financial institutions. As the employees’ lawyers repeatedly noted, employers enter into such arrangements all the time, especially in times of uncertainty, such as when the company may be sold or is in financial trouble.
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The employees’ legal team clarified in news interviews and commentaries that numerous government and private lawyers who scrutinized the employee contracts concluded that they were legitimate, enforceable obligations to employees.