Investors sue Deutsche Bank for underpayment of shares in Postbank
Frankfurt am Main — Investors are suing Germany’s biggest lender, Deutsche Bank, for €740m, alleging they were underpaid for shares in subsidiary Postbank, local media reported Wednesday. At the heart of the suit is the question of when Deutsche took control of Postbank from its previous owner, logistics firm Deutsche Post. The investors argue that Deutsche Bank was already in de facto control of Postbank two years before it launched a full take-over of the bank. "Deutsche Bank intervened significantly in Postbank’s business and took over control" as early as 2008, two years before it bought out the plaintiffs’ shares, their Munich-based lawyer Oliver Krauss told business weekly WirtschaftsWoche. The shareholders say they should therefore have been paid the value of their stock as it stood in September 2008 — about €64 per share — when Deutsche controlled just 30% of Postbank, rather than the €25 they received in the full take-over two years later. Some 31 German and international i...
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