Dresdner bankers set for bonus case

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first_img COMMERZBANK faces a high-profile lawsuit from 104 of its investment bankers over a bonus dispute, after the Court of Appeal yesterday rejected the bank’s request to dismiss the case. Current and former bankers, who worked for Dresdner Kleinwort before Commerzbank took it over in 2009, are suing to recover €52m (£44.7m) in bonus payments from 2008 and will now prepare for a full trial in 2012. The case could force Commerzbank to reveal details of Dresdner’s bonus decisions and set a precedent for other banks that have withheld bonuses when the company was struggling.Commerzbank argues that the bank was entitled to slash bonus awards because the bank’s economic conditions had materially changed, based on Dresdner’s €6.2bn losses during the bonus period.The court has heard that bankers learned about a guaranteed €400m bonus pool during a meeting in August 2008, but the bank ended up paying out around €272m.The court yesterday allowed the bankers to argue that contractual promises were made during internal meetings, as well as in written form, in a blow to the bank’s case.Judge Andrew Morritt said: “I see no reason why the promise of a guaranteed minimum bonus pool cannot be contractually binding even though individual employees cannot at the time point to an entitlement to a specific bonus payable out of it.“At the very least each of them would be entitled to nominal damages for its breach,” he added. Commerzbank said it was disappointed by the decision but that it will defend itself against the claims. The bank declined to comment on whether it might appeal the latest judgment or consider a settlement.Law firms Stewarts and Mishcon de Reya are representing the bankers, while Linklaters is acting for the bank. KCS-content Tuesday 8 March 2011 9:09 pm whatsapp Dresdner bankers set for bonus case More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Sharecenter_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp Tags: NULLlast_img

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