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REILLY v. NATWEST MARKETS GROUP INC.

Nos. 98-7968, 98-9222.

181 F.3d 253 (1999)

Michael T. REILLY, Plaintiff-Appellee-Cross Appellant, v. NATWEST MARKETS GROUP INC., and NatWest Markets, a division of National Westminster Bank, PLC, Defendants-Appellants-Cross Appellees.

United States Court of Appeals, Second Circuit.

Decided June 17, 1999.

Attorney(s) appearing for the Case

Richard L. Claman, Stempel Bennet Claman & Hochberg, P.C., New York, New York, for Plaintiff-Appellee-Cross Appellant.

Douglas D. Broadwater, Cravath, Swaine & Moore, New York, New York (Allen K. Rostron of counsel); Jeffrey L. Liddle, Liddle & Robinson, New York, New York, for Defendants-Appellants-Cross-Appellees.

Before: McLAUGHLIN, CALABRESI and GIBSON, Circuit Judges.

McLAUGHLIN, Circuit Judge:

BACKGROUND

In January 1994, NatWest, an investment bank, hired Michael T. Reilly to help develop its fledgling underwriting business. The parties entered into an express contract guaranteeing Reilly's employment for 1994 and 1995 under the following terms. For 1994, Reilly would receive a base salary of $200,000 plus a bonus that would raise his "total compensation" to 33% of the first...

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