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.
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