Traders Said To Have Quit After Bonus Row
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The traders are said to be considering legal action against Tullett over what they apparently claim are unpaid bonuses of around $38m. The firm's stance, however, is thought to be that performance targets simply weren't met.
The newspaper also reports that UK market regulator The Financial Services Authority (FSA) is undertaking 'spot checks' to ensure that bankers' pay contracts conform to its new compensation guidelines.
The Times quotes FSA Chief Hector Sants, who confirmed: 'We have already started carrying out spot checks on individual contracts to ensure compliance and, in some cases, have asked for amendments to be made'.
In the meantime, The Sunday Telegraph reports that around 500 FSA staff have been awarded a 10% pay rise as compensation for the regulator's decision to close down its final salary pension scheme to existing members.
And The Daily Telegraph reports that PricewaterhouseCoopers, the administrators for Lehman Brothers' European businesses, has failed in its High Court attempt to simplify the process and shorten time required to start returning assets to clients and counterparties of the firm. The Court ruled that it had no jurisdiction in the matter. As a result, some counterparties and clients may not see their assets returned for several years.
Not such problem in liquidating assets, however, for former Lehman CEO Richard Fuld. The New York Times reports that Fuld (and his wife) has just disposed of their co-op Manhattan apartment for a cool $25.9m. The Fulds are thought to have purchased the apartment in early 2007 for $21m, and are believed to have spent some $10m doing it up.
Finally, The Observer reports that (not so) wealthy US clients are seeking the legal recovery some $7.5m in fees that Standard Chartered Bank charged them for investing with Bernie Madoff. The lawsuit is thought likely to be the first of many from investors who feel aggrieved that they had to pay a fee to lose their money.
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