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Ex-Bear Stearns exec sues for $2 million bonus

Mon May 11, 2009 1:14 PM EDT
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Associated Press
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NEW YORK — A former Bear Stearns Cos. executive has sued the firm for a $2 million bonus he says it owes him.

Gary M. Reback was fired from Bear Stearns in May 2008 as JPMorgan Chase & Co. bought the nearly collapsed investment bank.

The suit filed in Manhattan Supreme Court on May 1 names Bear Stearns and JPMorgan as defendants.

Reback claims that even though Bear Stearns was on the verge of going under, he helped make millions of dollars for the Wall Street firm.

Reback also is suing for $1.1 million in severance pay he says Bear Stearns promised him.

Messages left Monday at Reback's Scarsdale home and for his lawyer, Jonathan S. Sack, weren't immediately returned.

JPMorgan spokesman Brian Marchiony said, "Mr. Reback is not owed any money."

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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