ACTIONS CORNER

The actions for damages brought by several investors against Conergy have been joined by Hamburg Higher Regional Court into a model case with binding effect in accordance with the Capital Investors Model Case Act. The Act, introduced in 2005, enables similar cases for false, misleading or absent capital-market information to be joined. The court will be deciding a total of seven disputed points. The model case goes back to an initiative by the plaintiff company. Some 20 shareholders in Hamburg are calling for damages of around of 3 million euros.

The prolonged conflict between Deutsche Bank and Leo Kirch is landing before the Federal Court of Justice (BGH) once more. The highest German court is now to deal with the bank’s 2008 AGM: Frankfurt Higher Regional Court declared the AGM decisions null and void because of formal errors in the invitation, as both parties to the dispute confirmed on 15 June. The chamber accordingly rejected the Deutsche Bank’s appeal against an earlier judgment by a lower court. A bank spokesman immediately announced that it would be challenging the decision at the BGH. Several actions by Kirch against resolutions of previous AGMs are already pending there.

After a reconciliation hearing before the Civil Chamber of Nürnberg-Fürth Regional Court on 9 June failed, from 1 September onward demands for compensation for damages by Siemens will now be heard as from 1 September. In connection with concealed payments of millions to the AUB trade union, the electrical conglomerate is demanding €3.2 million in damages from Wilhelm Schelsky. The former head of the company union is allegedly guilty of deceit and abetting breach of trust, and additionally unjustifiably enriched himself, says Siemens in justifying the demand. He allegedly used money intended for AUB inter alia for private purposes.