Judgment of the Court of Appeal in Attrill and others v Dresdner Kleinwort Ltd and Commerzbank AG

Judgment was handed down this morning by the Court of Appeal in the action brought by two groups of employees and ex-employees of Dresdner Kleinwort, a division of Commerzbank.

The bank lost.

The hearing involved in essence an attempt by the bank to dismiss the case on a summary basis so as to avoid the need for a full trial with witness evidence. The Court of Appeal rejected this application unequivocally and the claimants in the case are delighted with the outcome.

The claimants are especially pleased with the Court of Appeal's finding that the bank intended to establish a minimum bonus pool and that that intention was communicated to the employees in an approved and conventional method.

Clive Zietman, Head of Commercial Litigation at Stewarts Law, who acts for the larger of the two groups said:

"We are very pleased indeed with today's judgment. Given the significant ongoing litigation costs it would now be regrettable if the case were to continue but, in absence of settlement, the matter will now proceed to trial".

ENDS