Britain Suing Over EU Banker Bonus Limits

Britain has filed suit at the European Court of Justice to protest the European Union’s move to limit bonus payments at financial firms to one year’s base salary. Though Britain will comply with the law, the country’s Treasury argued in the suit that the cap is incompatible with EU law, and was introduced without proper consideration of its consequences. The bonus cap rule, which would impact around 35,000 employees in banks around the world, will go into effect in 2014.