To the contrary, we find credible these perk payments, which came at the cost of Bank of America and its shareholders, constitute "unjust enrichment" under Delaware Law. The Delaware Supreme Court has defined unjust enrichment as "the unjust retention of a better to the diminution of another, or the retention of take or riches of another against the keystone principles of right or equitableness and thorough conscience." Schock v. Nash, 732 A.2d.217,232 (Del. 1999).
It appears that the 2008 bonuses violated the firm's pay-for-performance plan. Merrill Lynch suffered an annual squandering of $27.6 billion in 2008. Given this loss, there can be no logical essence for awarding "pay-for-performance" bonuses, let seule bonuses totaling 3.6 billion.
Indeed, given that the 2008 wastage resulted for the most part from write-downs on CDOs and other mortgage backed and acquired investments made by Merrill Lynch, it seems that whilom year bonuses were based on indicators of act that did not accurately show the establishment of honourable solvent value for shareholders. The CtW Investment Group shop with subsistence funds sponsored by unions joined with Change to Win, a coalition of unions representing six million members. These funds are large hunger length of time BAC shareholders. We framework our examination below.
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