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20-Jun-08 10:15 [Pay and Reward]
Bank's former employees sue over bonuses Former employees of ABN Amro are suing the bank for being forced to forfeit part of their bonuses after leaving for another company.
Seven brokers left the bank for inter-dealing firm Tullett Prebon, reports the Financial Times.
Paul Humphrey joined Tullet last year from ABN to help build the firm's electronic brokerage business.
As part of the move he brought a six-person team with him, all of whom are now suing their former employer.
The case centres on whether it is lawful for high-earning executives to have their bonuses revoked when they go and work for another employer.
In the City the practice is known as the "good leaver, bad leaver" distinction and is reported to be a contentious issue among its workers.
The GMB, Britain's general union, called for an enquiry in May as to whether the £50 billion "bail out to banks from the taxpayer" contributed to the record £12.8 billion paid in bonuses in the City.
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