The High Court has decided in the case of Fish and Anor v Dresdner Kleinwort Ltd and Hatzistenfanis and Ors v Dresdner Kleiwort Ltd that a group of bankers were legally entitled to retain bonuses and termination payment totalling £12.6 million. The bank held that despite the fact the bank had suffered disasterous losses under their management the bankers owed no legal or fiduciary duty to act in the best interests of the bank and give up their contratual entitlements. The decision reveals an unwillingness on the part of the banks to be swayed by the current economic climate or public opinion.
Apr 18, 2011
Bankers Cling to their Bonuses