U.K. bankers win Dresdner bonus row

AFP-JIJI

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

The 104 individual claims brought by former employees of Dresdner Kleinwort Ltd. against the company and its new owner Commerzbank, Germany’s second-biggest bank, ranged from €15,000 to €2 million.

The bankers claimed that Commerzbank had reneged on a deal to pay the bonuses promised to them by Dresdner before the takeover in 2008.

Their lawyers had claimed the bonuses for 2008 should have been paid due to “binding and enforceable contractual promises.”