A federal judge on Wednesday said a former star Lehman Brothers trader was not entitled to an $83m bonus he claimed he was owed following the investment bank's 2008 collapse, on top of a similar sum that Barclays already paid him.
Reuters reports that U.S. District Judge Lorna Schofield in Manhattan also said the former trader Jonathan Hoffman did not deserve $7.7m that a federal bankruptcy judge had said he could recoup from the estate of Lehman's brokerage unit, Lehman Brothers, based on an unpaid instalment from his 2007 bonus.
Hoffman's quest for additional pay is one of the largest lawsuits left in the wind-down of Lehman, whose September 15, 2008 bankruptcy remains the biggest in U.S. history and helped trigger a global financial crisis.
Schofield said Hoffman, a former managing director, had been "extremely successful" trading interest rate products, generating billions of dollars of profit since joining Lehman in 1994.
To access the complete Reuters article hit the link below: