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EU court adviser recommends upholding limit on bank bonuses
November 20, 2014 / 8:58 AM / 3 years ago

EU court adviser recommends upholding limit on bank bonuses

BRUSSELS, Nov 20 (Reuters) - A legal adviser to the European Court of Justice recommended on Thursday that the court uphold the European Union’s cap on bankers’ bonuses after a complaint by Britain.

The EU law limits a bonus to no more than a banker’s fixed pay, or twice that level with shareholder approval. The aim is to curb excessive risk-taking in banking that led to the financial crisis.

The adviser to the court, known as the advocate general, found that the limit on banker bonuses was valid and did not restrict the total amount of pay. (Reporting By Philip Blenkinsop; editing by Adrian Croft)

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