ACTIONS CORNER

Bayerische Motoren Werke will defend itself vigorously against a fine in the millions from the Swiss Competition Commission (WEKO). The German car builder was faced by the Competition Commission with a penalty in the amount of 156 million CHF because of a massive violation of the antitrust laws. BMW had allegedly impeded direct and parallel imports. It was also stated that BMW had ripped off customers in Switzerland with overpriced prices and banned foreign dealers from exporting cars to Swiss customers. A spokeswoman said that BMW would lodge an appeal before the Federal Court.

The Commerzbank is to appeal in London’s bonus controversy. As the bank announced on 20 June in Frankfurt, it has turned directly to the British Court of Appeal.  It considers the first-instance judgment of the UK High Court was wrong and is still convinced that there was no contractually binding commitment present and that the reported bonus amounts were provisional. After a months-long hearing the London court decided the bonus-payment case against the institution at the beginning of May.  It had to pay the 104 former Dresdner Kleinwort employees a total of 52 million euros, despite the €6.5 billion losses by the former Dresdner Bank investment-banking division in 2008.

The European Court of Justice (ECJ) on 28 June announced its decision on ad hoc disclosure. Listed companies must, under certain circumstances, inform shareholders of important and price-relevant events long before the formal decision, especially when it is likely that the event will occur. Even intermediate steps constitute inside information, of which shareholders need to be informed. With this ruling after years of litigation over the departure of Daimler CEO Jürgen Schrempp in 2005 the ECJ not only strengthened the rights of investors; it should have far-reaching implications for information policy. The plaintiffs had accused the company of having announced too late in 2005 that the then chief executive was giving up his post.

E.ON is demanding damages of at least eight billion euros from the federal government for the nuclear phaseout. Germany’s largest energy company had already filed a constitutional complaint with the Karlsruhe Constitutional Court in November 2011 because it saw the decision for a phase-out by 2022 as a disproportionate interference with its fundamental rights. Before the civil courts award damages to the operators, the Karlsruhe judges would first have to establish a violation of the Basic Law. As part of its energy transition, E.ON had to shut down its Isar I and Unterweser nuclear reactors. RWE had filed a constitutional complaint in early March, but to date has still not stated a specific amount of los