Were you a member of an elite group of individuals taken before their time known as the Lehman Brothers associate class of 2008? Were you robbed of the chance to toil under the Gorilla for more than a few weeks because oops the firm went out of business? (And speaking of that: do you blame yourself? Dick Fuld certainly does.) Those $40k signing bonuses you got and probably already spent are going to need to be paid back, ASAP.
The requests are allegedly coming from PricewaterhouseCoopers, which is administering Lehman’s estate in the UK. “More than 60% of my class received this letter around two weeks ago,” says one former Lehman associate. “We’re seeking legal opinions on whether we have to pay it back.”
Elaine Aarons, a partners who acts for senior executives at law firm Withers, says PWC might be able to extract the money from the unfortunate associates if the contracts were worded so that the loans were repayable if they simply weren’t in employment with Lehman 12 months on.
“Whilst it may seem unreasonable on a common sense basis to have to repay something that you’ve probably already spent when you have done nothing wrong, it’s not impossible that on a strict reading of the contract events have triggered the conditions in which a repayment would occur.”
Former Lehman associates allegedly being asked to repay $40k [eFC via BI]
brutal
I am Bob Diamond! And I see a whole army of my bankers, here in defiance of tyranny. You’ve come to fight as quasi free first year analysts. And bonus babies you are. What will you do with that bonus? Will you fight?
Aye, fight and you may die. Run, and you’ll live. At least for awhile. And dying in your beds, many years from now, would you be willin’ to trade ALL the days, from this day to that, for one chance, just one chance, to come back here and tell our enemies that they may take our lives, but they’ll never take… OUR BONUSES!
40K? Excuse me?
@3 yes? it’s not their salary, it’s a signing bonus. what do you not undertand?
only whore’s get signing bonuses
Brave heart ?
As smart as I am, that means I would have received a $400,000,000 signing bonus.
~Casano
Stop fighting it boys and girls. Resistance is utterly futile.
Wall Street workers unite!!, and join the SEIU. Fight for what is rightfully yours!
- Ken Feinberg
Naked, you sir either have a fantastic photographic memory and a book shelve piled high with movie scripts, or way, way too much time on your hands (not that I can criticize these days)
I mean, this is pretty simple. Assuming there was some language about how if they took a signing bonus they’d have it taken pro rata out of their paychecks over the course of their first year at LB it’s pretty obvious they have to pay it back if they’re not in employment. Shouldn’t matter whether they were fired or LB simply ceased to exist. Tough nuts.
I don’t get it.
www dot imdb dot com; memorable quotes section
It is the Bible for movie buffs
@11 are you a tard?
@naked seriously? what are you going to tell us about next? AOl mail?
“Elaine Aarons, a partners who acts for senior executives at law firm Withers,…” English? Grammar check broke today?
Good flippin luck getting it back. As you know, possession is 9/10′ths of the law. And the BMW dealer has possession of mine.
You can pay it back now, or we can just take it next April, your call.
XOXOXO,
O, Cyrptkeeper,& Princess
@14 good point. Ill show myself out.
They may not need to pay it back on the basis that they gave up another employment offers to take LB’s offer. In this case they were mutually committed.
@6 no not Braveheart, Gigli negro fucking Gigli
I agree with 20
Who knows where the signing bonuses went, man? Who really knows?
My CNBC signing bonus went up my nose.
- L. Kuddles
Ever tried to get blood from douchebags?
Hah. Good luck getting any of this back.
See you in court bitches. No jury in America will give them a red cent.
Counter sue for $500 Million for failing to buy enough government protection.
Read the clawback fine print.
@28 wrong story. Clawedbacks are for the next story down. MW
When you agree to receive a signing bonus, you’re selling a call on your services. If no one’s around to exercise the call, tfb for the option holder.
Nimwit @29 – signing bonuses have clawbacks. These are the good behavior provisions so if you turn out to be a complete asshole and run stark naked through the trading floor, they can fire you and take back the bonus.
@31 take your ADHD meds and read closer. @29
I know I’m late to the party on this thread, but I’m not sure what #10, et al. are taking about. My bank signing bonus was not repaid from my paychecks over the course of my first year, it was in addition my base salary. I understand that if you get fired in the first year you have to pay it back, and I am not objecting to that point. I was just not aware that any signing bonuses were “loans” amortized from your paychecks. Is that common with other banks?
I don’t know all the details but weren’t they set up as educational loans in order for not to pay income tax on them?