Linklaters and Stewarts lead on €30m Dresdner bonus dispute
Seventy-two current and former Dresdner Kleinwort bankers have launched a €30m (£26m) claim in one of the first major banking bonus-related cases to be brought in the UK in the wake of the credit crunch. The claim, filed in the High Court today (8 September) sees Dresdner bankers attempting to secure bonuses and interest amounting to €33.6m which they say was not paid to them following the bank's takeover by Commerzbank last year.
September 08, 2009 at 10:48 AM
2 minute read
Seventy-two current and former Dresdner Kleinwort bankers have launched a €30m (£26m) claim in one of the first major banking bonus-related cases to be brought in the UK in the wake of the credit crunch.
The claim, filed in the High Court today (8 September) sees Dresdner bankers attempting to secure bonuses and interest amounting to €33.6m which they say was not paid to them following the bank's takeover by Commerzbank last year.
Before the takeover, Dresdner staff were informed that a €400m (£350m) pot had been put aside to cover bonus expenses. However, after the tie-up, the bank sent out an email saying that bonuses would be cut by 90%.
The claimants are seeking the outstanding 90% of their bonus, plus interest. Eight people involved in the action are claiming more than €1m (£880m).
Stewarts Law head of commercial litigation Clive Zietman, who joined the firm in June, is leading a team advising the claimants. Zietman was initially instructed in his former role as Manches head of litigation and arbitration.
Magic circle firm Linklaters has been instructed by Commerzbank.
Zietman commented: "It is a strong claim. There might be political motivations behind the position taken by the bank but this case is about English contract law and will be decided by an English court on that basis."
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