Ten former and one incumbent executive board member of Deutsche Bank agreed to forfeit $44.8 million of outstanding bonus payments, drawing a line under almost two years of negotiations with the German lender related to misconduct fines.
Bloomberg News reports that Deutsche Bank said it won’t hold the management board members liable as part of the deal, which includes them receiving the remaining $36.6m million euros in unpaid bonuses, according to a statement Thursday from the bank. There’s insufficient evidence for actionable damage claims against the members, the bank said.
The lender has been seeking to persuade the former executives to contribute to billions of dollars in fines the lender had to pay because of past misconduct. Supervisory board Chairman Paul Achleitner said at the bank’s annual general meeting in May that an agreement with the 11 men was nearing.
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