Remember Jonathan Hoffman? Former Lehman Brothers trader who later took a job with Barclays, who decided in 2014 that he wanted to figuratively demonstrate the size of his testicles to the world by making the case that although the British paid him an $83 million bonus upon joining the firm, Lehman separately owed him that exact same amount, which he sued the estate to collect? Based on the argument that unlike many of the Lehman employees who were simply taken in by Barclays following the collapse of the investment bank, he could have gotten a job anywhere and chose to join Barclays, with whom he entered into a new contract, separate from the one he had with Lehman? And that the $83 million they paid him was kind of just like a signing bonus, and didn't let his former employer off the hook? A judge told him Friday to sit down and shut up.
Judge Shelley Chapman of the U.S. Bankruptcy Court in New York said former top trader Jonathan Hoffman is entitled to only about $7.7 million stemming from an unpaid portion of the bonus he was awarded in 2007. Furthermore, Mr. Hoffman will receive only 35 cents on the dollar for the bonus. “Mr. Hoffman was a gifted trader who generated billions of dollars in profits for Lehman over the course of his employment,” Judge Chapman said in an 87-page decision Thursday. But she characterized as “pure nonsense” the Wall Street veteran’s argument that Lehman owed him more than $83 million, even though he had received a similar amount from Barclays PLC. The judge said Lehman’s obligation to pay Mr. Hoffman’s bonus was transferred to Barclays PLC when it bought Lehman shortly after the failed investment bank filed for bankruptcy. Barclays agreed to pay the $83 million and to copy other key terms of his employment agreement with Lehman.
Earlier: Former Lehman Trader Suing For 2nd $83 Million Bonus Was A “Sneaky Bastard,” Probably Deserves The Money Nevertheless: Colleague; Former Lehman Trader Still Waiting On His $83 Million Bonus Will Give You The Names And Numbers Of Scores Of Hedge Funds That Would Give Him A Job Right Now, No Questions Asked