Investec wins battle over £6m bonus claims
TWO FORMER bankers at Investec yesterday had their demands for £6m in bonus payments thrown out by the high court.
The pair claimed they had a verbal agreement with their boss which should have led to the payouts in the 2010-11 financial year.
But judge George Leggatt said the claim, brought by Andrew Brogden and Robert Reid, was “wholly incredible”.
The pair used to work on Investec’s structured equity derivatives desk, and argued the unwritten agreement was made in 2007.
They argued that the bank should pay them bonuses based on the economic value added by their desk and on the amount of savings they had made.
Investec said its standard formula to calculate the value added found that their business had actually added no value.
“I doubt there are many outside the world in which the claimants operate who would think that they were under-rewarded by Investec,” said the judge.
“I conclude that the claimants had no right to be paid any bonus for the 2010-2011 year and the claim therefore fails.”