Banker sues over bonus shortfall

A senior bank executive has brought a High Court action claiming he was entitled to a €380,000 bonus for the year 2007 but received…

A senior bank executive has brought a High Court action claiming he was entitled to a €380,000 bonus for the year 2007 but received only €200,000.

Roland Lichters, with an address at Dusseldorf, Germany, has sued Depfa Bank plc, with registered offices at Commons Street, Dublin, over allegedly wrongfully withholding the €180,000.

The proceedings opened yesterday before Mr Justice John Hedigan and continue today. Mr Lichters was employed with Depfa from September 2004 until April 2008 when he resigned.

The case centres on whether the bank was entitled to withhold part of a cash bonus awarded to Mr Lichters in February 2008 for the previous year.

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Depfa was taken over by the German bank, Hypo Real Estate, in October 2007. Mr Lichters claims there was no provision to withhold part of the cash element of a bonus.

The bank claims the bonus was “discretionary”.