EQS-Adhoc: Deutsche Bank reaches settlements with a large share of the plaintiffs in Postbank takeover litigation matter
EQS-Ad-hoc: Deutsche Bank AG / Key word(s): Legal Matter
Deutsche Bank reaches settlements with a large share of the plaintiffs in Postbank takeover litigation matter
21-Aug-2024 / 22:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
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Frankfurt am Main, 21 August 2024 - Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has made significant progress in its conversations with plaintiffs in the litigation concerning the takeover of Postbank and the offer price paid to former Postbank shareholders. The bank has reached agreements with more than 80 plaintiffs representing almost 60 per cent of the total claims in this litigation, settling on the basis of 31 euros per share as proposed by the bank. Among the plaintiffs who agreed to a settlement is also the largest individual plaintiff in these proceedings, representing about one third of all claims.
Deutsche Bank expects that the settlement agreements concluded so far will on average consume about 45 per cent of the total provisions which were taken in relation to the claims by plaintiffs covered by the agreements; the remaining provisions related to these specific plaintiffs will be released. Deutsche Bank anticipates that this will lead to a positive impact of approximately 430 million euros on its pre-tax profit in the third quarter.
Should Deutsche Bank enter into settlement agreements with additional plaintiffs, this could result in further positive implications on the total provisions taken for the litigation.
Contact:
Sebastian Jost
Co-Head of Communications CSR (Corporate Affairs Strategy)
Tel. +49 (69) 910 48180
E-Mail: sebastian.jost@db.com
Deutsche Bank expects that the settlement agreements concluded so far will on average consume about 45 per cent of the total provisions which were taken in relation to the claims by plaintiffs covered by the agreements; the remaining provisions related to these specific plaintiffs will be released. Deutsche Bank anticipates that this will lead to a positive impact of approximately 430 million euros on its pre-tax profit in the third quarter.
Should Deutsche Bank enter into settlement agreements with additional plaintiffs, this could result in further positive implications on the total provisions taken for the litigation.
Contact:
Sebastian Jost
Co-Head of Communications CSR (Corporate Affairs Strategy)
Tel. +49 (69) 910 48180
E-Mail: sebastian.jost@db.com
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