CLIENT UPDATE - New Limits Imposed on Executive Pay by Economic Stimulus Law; Retroactive Review of Excessive Bonuses Mandated

Companies that have received or that will receive benefits under October 2008s Emergency Economic Stabilization Act will be subject to significant new limits on executive pay. Under the new American Recovery and Reinvestment Act of 2009 (enacted February 17, 2009), all companies receiving benefits under the October laws Troubled Asset Relief Program (or TARP) will be subject to uniform pay controls, regardless of which TARP sub-program the benefits are provide under.
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