RBS settles bonus dispute

RBS building

Royal Bank of Scotland has settled lawsuits with Gary Cottle, the former head of risk at its investment banking division, over a $1.2m bonus.

Bloomberg reports that RBS said Cottle didn’t deserve the final portion of the 2009 award because he turned down alternative jobs before leaving the bank in 2011, according to its London lawsuit that sought to block the payment.

The terms of the settlement weren’t disclosed by the court or either party.

Cottle argued that he fell out of favor with RBS after raising concerns about a 'toxic' debt deal and was never offered a suitable replacement role. The former risk officer, who is now head of global markets for Europe at Nomura, also sued RBS. Cottle declined to comment on the settlement.

'The parties have resolved their differences,' said Sarah Small, a spokeswoman for RBS. 'Neither party will make any further public statement.'

To access the complete Bloomberg article hit the link below:

RBS Settles $1.2 Million Bonus Fight With Former Risk Chief

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image: © Mark Ramsey

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