In the dispute over compensation from the takeover of Postbank, Deutsche Bank has concluded another case with a settlement. It is a special plaintiff.
In the legal dispute over the takeover of Postbank, Deutsche Bank has reached a settlement with another plaintiff old shareholder. “Effecten-Spiegel AG” will receive an additional payment of 36.50 euros per share as well as an unspecified reimbursement of costs, according to the institute. The company, which publishes investment magazines, was the first old shareholder to file a lawsuit immediately after the takeover offer in October 2010 and was thus alone for many years. At the time, Deutsche Bank only paid the old owners 25 euros per share. Further lawsuits were only filed later.
Just a few days ago, the bank reported an agreement with more than 80 plaintiffs, who will receive a surcharge of 31 euros per share. The difference is explained by the fact that these were proceedings that were still pending in the first instance at the regional court. The plaintiffs had originally demanded a mandatory offer of 57.25 euros per share and also demanded accrued interest. The lawsuit filed by “Effecten-Spiegel AG” had already reached the Cologne Higher Regional Court, where another lawsuit in the matter is still pending.
Deutsche Bank with billions in provisions
The background is the majority takeover of Postbank by Deutsche Bank in 2010. The question is whether the compulsory compensation of minority shareholders decided this year 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 an oral hearing at the end of April, the Cologne Higher Regional 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.
Source: Stern
