The UK is set to lose its legal battle to overturn EU rules capping bank bonuses after a top legal officer in the European Court of Justice (ECJ) said London's case had "no legitimate grounds".
The rules, which came into force this year, limit bankers' bonuses to the equivalent of their salary. Payments worth up to two times salary may be permitted but only on the basis of a vote by shareholders.
In an opinion released on Thursday (20 November), Advocate General Niilo Jaaskinen s...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.