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Commerzbank has won a court battle in Germany against 13 Dresdner Kleinwort bankers who were suing for unpaid bonuses.
The German bank hailed the victory as it prepared to go to court against similar claims from dozens of London employees.
The German banking giant, which bought Dresdner in January, argued that it had been right to withhold up to 90% of the bankers' 2008 bonuses because the awards were discretionary.
The bankers had been demanding sums ranging from €29,000 (£26,000) to €450,000.
Commerzbank hailed the Frankfurt court's decision, saying: “We see this as a confirmation of our stance.”
The German ruling should not affect the case of 72 Dresdner bankers in London who filed similar claims in September for €33.6 million in unpaid bonuses and interest.
Eight Dresdner bankers are demanding more than €1 million each.
The British-based employees, who are represented by solicitors Stewarts Law, say they received guarantees in advance that their bonuses would be paid.
Law firm Mishcon de Reya is acting for a second Dresdner group in London, which is now expected to file another claim in excess of €20 million early next month.
Legal sources suggest the High Court could decide to hear the two cases together because they are based on similar claims.
Commerzbank has lost or settled at least four other court cases involving high-ranking Dresdner staff in London this year.
Reader views (3)
Let the rule of law prevail. Either the law of contract is binding or it isn't? If not then we have seen the thin edge of the wedge of a politically influenced commercial law which puts the UK and the EU on a par with the Third World? Which is it to be?
- James Macleod Ritchie, Oyster Bay Cove, 22/10/2009 23:32
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If bankers all pushed off to their tax-free paradise as they keep threatening to do, we would all be having a party.
- Kate, London, 22/10/2009 14:27
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If Bankers were postmen; they would all be sacked on the spot.
If Banks were coal-mines, the Banks would be shut-down, and cheaper Banks imported from Eastern Europe where they are subsidised.
If Bankers were ordinary workers; they would be accused of holding the country to ransom.
If Bankers belonged to a normal trade union, instead of being Free-masons; we would all be demanding to know who runs the UK, the Bank Unions or the Bank Free-masons.
Like the Greeks say; IF?
- Mickinlondon, london, 22/10/2009 09:21
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