How Bonus Disputes Arise
Highly paid professionals on Wall Street typically are paid a significant percentage of their annual compensation after the end of the year in which their services were rendered. When an employee resigns or is terminated before the end of the employer’s fiscal or calendar year, or before the time bonuses are actually paid (which may be as late as four months into the following year), employers frequently refuse to pay a bonus. Employees contend that the bonus was their right under a contract of employment. Employers argue that no employment contract existed, or maintain that they retained unfettered discretion to determine a bonus amount, which could be nothing. However, in New York, there are several common law and statutory grounds on which, based on the facts and circumstances, a terminated employee may be entitled to recover his or her unpaid bonuses, either proportionately or in full. At the Law Offices of David S. Rich, LLC, our labor and employment attorney has significant experience representing employees in the investment banking and financial services industries seeking to recover their unpaid bonuses.
Litigation And FINRA Arbitration Of Bonus Disputes
FINRA arbitration panels decide the vast majority of Wall Street compensation disputes. FINRA, NASD, and NYSE arbitration panels predominantly have found that terminated employees are entitled to full or pro rata bonuses for a prior year or years’ employment, despite employers’ arguments that the terms of employment-related documents render such bonuses utterly discretionary. If you have been denied a bonus or wish to contest a determination made concerning your bonus, contact the Law Offices of David S. Rich, LLC. We assist employees seeking to recover unpaid bonuses or incentive compensation, including:
Stock, bond, options, derivatives, currency, commodities and futures traders
Financial analysts and research analysts
Other financial services employees
You May Have Causes Of Action Against Your Employer For Failing To Pay You A Bonus
Under New York law, a terminated employee may pursue, among other claims, causes of action for breach of express and implied contract, quantum meruit, and violation of Article 6 of the New York Labor Law against his or her employer for failing to compensate the employee for bonuses owed to him or her, even where no agreement to pay bonuses is set forth in writing. See the articles which the Law Offices of David S. Rich, LLC has published in national journals on these issues. Contact the labor and employment attorney at Law Offices of David S. Rich, LLC to consult with a skilled employment and securities litigation attorney about your bonus dispute.
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