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Bank bonus dispute goes to High Court

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Release Date:
22 January 2012
Author:
Jane Croft
Source:
Financial Times

This week 104 investment bankers will head to the High Court in a dispute over €50m of unpaid bonuses, in what promises to be a landmark case on bankers’ pay packages.

The eagerly awaited legal action is being brought by the bankers who were employed in 2008 by Dresdner Kleinwort, now owned by Commerzbank, Germany’s second-largest lender by assets. It is the first such group action of its kind to be heard in the High Court.

It also comes amid growing political tensions in the UK in what is shaping up to be the most contentious year-end bonus season for years. The case will also attract political scrutiny in Germany where taxpayer money was used to help bail out Commerzbank in 2009.

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