Some of the class of 2008 at Lehman Brothers say they are being asked to repay the $40,000 signing bonus they got when they joined the firm.
A former Lehman Bro says Price Waterhouse Coopers sent a letter demanding repayment to more than 60% of the 2008 class of associates that were laid off from Lehman’s UK office. He’s currently seeking legal advice to see if he has to pay it back.
He might have to. There is some debate over the terms in which Lehman gave them the $40,000 in question. One of the Lehman Bros says it came from interest payments and pay that Lehman gave to equalise the depreciation of the pound. Another says the payments were structured to leave open the possibility of Lehman claiming it back in certain circumstances.
Lehman’s bankruptcy and subsequent sale to Barclays for a song would seem to fall under the category of special circumstances, but it still sucks to write a $40,000 check to the people who laid you off.
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