Commerzbank stalls over unpaid bonuses lawsuit
COMMERZBANK will not be able to delay indefinitely a lawsuit by former employees seeking bonuses they claim were guaranteed but withheld, a lawyer acting for the staff said.
The bank yesterday said it had won a 28-day extension to prepare a defence against 72 employees of Dresdner Kleinwort, now part of the German bank, who allege that the bank’s failure to pay out around €33.6m (£31m) in bonuses was a breach of contract.
Clive Zietman, of Stewarts Law, said it was common for a defendant to seek extra time but added that “there will come a point when we will require them to serve a defence”.
Rival law firm Mischon de Reya confirmed it would also launch a case from a separate group of 25 one-time Dresdner staff.
Partner Daniel Naftalin said: “In the next couple of weeks, a large number of similar cases… are likely to be issued in the High Court.”
The plaintiffs allege they received a fraction of their 2008 bonuses after Commerzbank bought Dresdner Kleinwort last year and slashed its bonus pot by 90 per cent, citing a material adverse change in economic conditions.