Deutsche Bank announced Thursday that it has reached a settlement with Effecten-Spiegel AG, a long-standing plaintiff in the legal dispute over its takeover of Postbank.
Deutsche Bank Settles Long-Running Litigation with Effecten-Spiegel AG Over Postbank Takeover
The settlement brings to an end one of two cases before the Cologne Higher Regional Court. The settlement will see an additional payment of EUR 36.50 per share, including interest, on the original offer price.
Effecten-Spiegel AG played a key role as the main plaintiff in the case, having pursued legal action since Deutsche Bank’s voluntary takeover offer in October 2010.
It was the first to file a lawsuit and remained the sole plaintiff for several years. The persistent efforts resulted in two appeals before Germany’s Federal Court of Justice.
In recognition of Effecten-Spiegel AG’s extensive involvement, the settlement also includes reimbursement of legal costs incurred over the years.
The legal battle, which has spanned several years, will now be concluded with the termination of proceedings before the Cologne court. For both sides, it provides a conclusion and sets the stage for the bank’s future actions.
The settlement is a significant step for Deutsche Bank in resolving disputes related to the controversial Postbank acquisition. The company said in August that it was progressing in its discussions with plaintiffs in the litigation, as well as the offer price paid to former Postbank shareholders.
