Commerzbank Admits Defeat In Dresdner Bonus Case

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Commerzbank has said it won’t appeal a U.K. court ruling that paves the way for 104 bankers to recover $66m in bonuses after four years of legal skirmishing.

Continuing the case 'would unnecessarily expend resources that can be better employed on our current and future activities', said Margarita Thiel, a spokeswoman for Commerzbank, which is 25% government-owned after receiving an $23.8m bailout in 2009.

Bloomberg reports that Commerzbank reduced bonuses by as much as 90% after taking over Dresdner in 2009.

Two U.K. courts ruled the cuts were illegal because of a pledge by Dresdner’s then Chief Executive Officer, Stefan Jentzsch, to set aside $524.6m for compensation.

Hit the link below to access the complete Bloomberg article:

Commerzbank Admits Defeat in $66 Million Dresdner Bonus Case

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