Lehman brothers liquidating
(“Barclays”) pursuant to which Barclays purchased the bulk of LBI's North American capital markets and investment banking businesses.
The bankruptcy court calculated that, under these contracts with LBI, Hoffman was owed: (1) approximately .7 million in cash in early 2009 as the second installment of his 2007 bonus; (2) approximately .3 million in some combination (at LBI's discretion) of cash and equity awards in early 2009 as the first installment of his 2008 bonus; and (3) assuming he traded profitably in 2009, approximately .9 million in cash in early 2010 as the second installment of his 2008 bonus.
Hoffman had been a remarkably successful trader at LBI whose compensation was governed by a series of annually negotiated contracts.
In 20, his contracts provided for a base salary of 0,000 plus an annual bonus (payable in a combination of cash and equity awards) based on a percentage of net profit he generated: twelve percent of the first million and fourteen percent of anything beyond that, less his base salary.
However, Hoffman agreed to these variations -- which, in any event, were, the bankruptcy court found, in this case not so material as to invalidate Barclays's performance -- and he received the entire amount owed to him.4.
Because Judkins was not entitled to a bonus beyond the 0,000 guaranteed in his contract, his attempt to seek relief under the New York Labor Law is unavailing.
In these tandem appeals, which have been consolidated for decision, two former employees of Lehman Brothers Inc.