A Dutch court has ruled that ten former top managers at ABN Amro are entitled to receive bonuses despite the economic crisis.

Two years ago the bank agreed to pay them bonuses if they did not leave after the take-over by Fortis, Royal Bank of Scotland and Banco Santander. When the bank was placed under state control, its new chairman, Gerrit Zalm, cancelled the deal. The judge ruled that the economic crisis is not a valid reason for the bank to withhold the promised bonuses. On Thursday, a court ruled in favour of the bank in a similar case, when the judge determined that the new circumstances did not entitle a former bank to receive a retirement package worth 7.5 million euros.

Photo: ABN Amro (flickr/stillburning)