Commerzbank gives up fight with bankers
Friday 03 May 2013
The German banking giant Commerzbank yesterday finally gave up its four-year legal war with 104 London investment bankers who have been fighting for €52m (£44m) in unpaid bonuses.
The victorious bankers are now expected to receive the cash within weeks, with several in line for close to £1m each.
Commerzbank and its lawyers, Linklaters, decided to halt the battle a week after losing in the Court of Appeal, which ruled unanimously to uphold an earlier High Court verdict that found the bankers were entitled to their bonuses.
The German bank could have considered an appeal to the Supreme Court, but admitted “the prospects of success” were limited and “would unnecessarily expend resources”.
Commerzbank argued it was “reasonable” to slash the bankers’ bonuses in early 2009 because of the credit crunch and huge losses.
But the bankers argued it had made a commitment to pay and it was contractual, not provisional.
- 1 'Not suppost to cry': 9-year-old lists the worst things about being a boy
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Ryan Gosling granted temporary restraining order against a woman 'convinced she was his twin flame'
Jennifer Lawrence sings in new The Hunger Games: Mockingjay Pt 1 clip on YouTube
Mike Nichols dead: The Graduate director dies suddenly following cardiac arrest
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...