Deutsche Bank and former Postbank shareholders have been arguing for many years about whether the compulsory compensation was high enough. A decision by the Higher Regional Court scheduled for Wednesday has now been postponed.
In the compensation dispute between Deutsche Bank and former Postbank shareholders, the Cologne Higher Regional Court has postponed the date for its decision by two months to October 23. In a statement, the court stated “ongoing need for advice” as the reason. The court originally wanted to announce its decision this Wednesday (case numbers: 13 U 166/11 and 13 U 231/17).
A Deutsche Bank spokesman explained: “We have always said that this is a very complex procedure. We therefore welcome the court’s decision to take more time to examine the matter.” Plaintiff’s lawyer Jan D. Bayer, whose client, according to his own statements, is responsible for a large part of the sum claimed, explained: “As was evident in the oral hearing, the Senate is clearly keen to avoid the case going back to the Federal Court of Justice and is granting the bank two more months to negotiate a reasonable overall settlement.”
This does not indicate a change in the bank’s risk situation. “There are still additional interest charges in the double-digit millions,” Bayer said in response to a query from the German Press Agency.
Bank has set aside 1.3 billion euros
The background is the majority takeover of Postbank by Deutsche Bank in 2010. The question is whether the compulsory compensation of minority shareholders decided in 2010 was appropriate and whether Deutsche Bank did not actually have control over the Bonn-based institute even before the public takeover offer for Postbank in 2010 – and should have paid investors more money.
In the oral hearing at the end of April, the court indicated that it might rule in favor of the plaintiffs. Deutsche Bank set aside 1.3 billion euros as a precaution. The provision caused the DAX group to be in the red in the second quarter: the bottom line was a loss of 143 million euros.
“The parties did not communicate an amicable agreement within the ruling period,” the court explained. “Since the Senate’s deliberations have not yet been completed, the announcement date in both cases has been postponed to October 23, 2024,” it continued.
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Source: Stern
