'This was a baseless claim, and an unwarranted attack on our institution, our culture and values', said David Van Der Walt, the chief executive of Investec in London.
Reuters reports that the latest bank bonus battle comes as governments and regulators attempt to rein in lofty levels of compensation blamed for creating a culture of excessive risk in an industry that sowed the seeds of the 2007-08 financial crisis.
The traders alleged Investec failed to honour an unwritten bonus agreement for 2010/2011 after they agreed to join the bank in 2007.
Investec dismissed suggestions it had orally agreed to pay bonuses according to an 'economic value added' formula, which ignored actual profit and loss and referred instead to theoretical savings made by the bank, calculated by reference to rates in the bond market.
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