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Year End Bonus Still May Be Available After Job Termination
Four arbitration panels have awarded discharged Wall Street employees their bonuses, in whole or in part, despite their being terminated.
The rationale is that these bonuses were not considered discretionary but, instead, an integral, non-discretionary element of compensation.
The awards suggest that firms cannot terminate to escape paying the bonus, even when the termination is for cause, unless the employer makes it crystal clear to employees that there is a possibility of not receiving any bonuses.
Source: Investment News, July 10, 2000
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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