Legal Question in Employment Law in California

Payback of bonus

I worked for wirehouse A. Wirehouse B recruited me from wirehouse A and paid me (up front) a transitional bonus of $50K to bring over my book of business and clients. I did sign a promissary note of paying it back over time. Each pay period they would deduct a small amount of the loan. However, myself and the other financial advisors that moved with me were informed by the manager, that if I ever left, the note would be forgiven if I left my clients at the firm.

I recently left the firm and they are now coming after me for the $50K. What should I do?


Asked on 1/04/07, 4:52 pm

1 Answer from Attorneys
Terry A. Nelson Nelson & Lawless

Re: Payback of bonus

Ignore them, negotiate, or be sued; those are your choices. I suggest you have counsel represent you in 'persuading' them not to pursue this, or to defend you in the event they sue you because you ignored them. Contact me if you want to do so.

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Answered on 1/15/07, 3:44 pm


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