The SPA newswire

- Risk Staff
- 01 Jun 2005

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First Union/Wachovia (Charlotte, NC). In a court decision that has the US structured products industry abuzz, former structured products executive Donald Arndt was awarded more than $842,000 in damages by a North Carolina appeals court in a dispute over a verbal promise regarding his bonus. The former First Union bank vice-president alleged in his lawsuit that First Union (which was absorbed by Wachovia in a 2001 merger) had breached a contract in 2000 by giving him just half of the bonus to

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