London bankers win 50 million-euro court battle

AFP, Wednesday 9 May 2012

Judge rules that former employees are eligible for unpaid bonuses

A group of London investment bankers on Wednesday won their High Court battle to receive 50 million euros ($65 million) in unpaid bonuses.

The 104 individual claims brought by former employees of Dresdner Kleinwort Limited against the company and its new owner, Commerzbank, Germany's second-biggest bank, ranged from 15,000 euros to two million euros.
"I have come to the conclusion that the claimants are entitled to payment of bonuses provisionally awarded to them," said judge Robert Owen.
The bankers claimed that Commerzbank had reneged on a deal to pay the bonuses promised to them by Dresdner before the takeover in 2008.
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