Deutsche Bank has settled a dispute with dozens of former Postbank shareholders who launched a lawsuit claiming they were harmed by the takeover by the German banking giant in 2010.
Deutsche Bank said it had reached settlements with "more than 80 claimants, representing almost 60% of the total number of claims in the litigation", based on an offer of 31 euros ($34) per share.
Among the plaintiffs who agreed to a settlement was the largest private entity, which represented "about a third of all claims," the bank said in a statement, Bild reported.
The deal will cost 45% of the €1.3 billion set aside for litigation in April, with the bank estimating a positive impact on its third-quarter operating profit of €430 million.
The former shareholders filed their complaint, saying that in Deutsche Bank's acquisition of Postbank, their shares were undervalued, having been bought at €25 each.
In April, the Cologne tribunal indicated that some of the claims could be accepted, prompting Deutsche Bank to step up discussions with the victims.
Litigation costs pushed Deutsche Bank to its first quarterly loss in four years in Q2 2024 | BGNES
