Deutsche Bank’s settlement offer to shareholders that sued them for underpaying for the Postbank acquisition has been rejected by plaintiffs.
Reuters reports that the lawyer on the case, Jan Bayer, commented that the “crackhead” offer was “dead on arrival”. The proposal offered to pay shareholders €36.50 per Postbank share.
Deutsche Bank has €1.3 billion set aside for a potential payout. The German banking giant began its acquisition of Postbank in 2008, and has since been a target for lawsuits and customer complaints.
In 2023, German regulator Bafin reprimanded Deutsche Bank for “unacceptable” disruptions in its Postbank unit.
It has been years since there has been any consensus or conclusion of the Postbank case, however, there was a change in April when Deutsche Bank offset possible claims following a court hearing in Cologne and decided against letting investors buy back shares. The court will possibly make a ruling next Wednesday, while in the meantime Deutsche Bank has been prompted to agree on a settlement with the plaintiffs.