In the litigation concerning the takeover of Postbank, Deutsche Bank has reached a settlement with long-standing plaintiff Effecten-Spiegel AG.
The proceeding initiated by Effecten-Spiegel AG is one of two actions before the Higher Regional Court of Cologne in connection with the takeover of Postbank.
The settlement includes an additional payment (including interest) of 36.50 euros per share on the then takeover offer price as proposed by the bank. Effecten-Spiegel AG as lead plaintiff pursued the litigation across all instances, including two appeals to the Federal Court of Justice; against the background of the plaintiff’s specific role in this litigation, a refund of costs has been agreed which accounts for the expenses in the long-running litigation.
Effecten-Spiegel AG was the first plaintiff who initiated proceedings against Deutsche Bank immediately after the voluntary takeover offer to the then Postbank shareholders in October 2010 and was for years the sole plaintiff in the litigation. The respective proceeding before the Higher Regional Court of Cologne will be terminated in accordance with the settlement agreement.
In August, Deutsche Bank said it was making progress in its discussions with plaintiffs in the litigation concerning the takeover of Postbank and the offer price paid to former Postbank shareholders.
