Bloomberg reports the European Court of Justice will hear the British challenge on Sept. 8, as EU regulators vow to crack down on banks that try to get around the rules. Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland are among the lenders that have taken steps to circumvent the bonus limit.
EU lawmakers campaigned for the bonus limits in a bid to rein in the gambling culture blamed for helping trigger the 2008 financial crisis. They reached a deal with national governments last year to overrule U.K. opposition and include the measure in legislation that overhauled the bloc’s banking rule book.
The rule is set to kick in next year, when it will apply to bonuses awarded based on bankers’ performance in 2014. The EU court has no deadline for issuing a ruling.
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