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Commerzbank faces £44m payout over unpaid bonuses
More than 100 London-based bankers are set to receive at least €52m (£44m) in unpaid bonuses after Germany’s Commerzbank lost an appeal against a ruling forcing it to pay out the money. In a High Court ruling, Commerzbank was told it must pay the former Dresdner Kleinwort bankers bonuses that were promised to them months before the German investment bank’s parent company was taken over by its larger domestic rival in 2008. Commerzbank had argued that the bonuses were not appropriate after it was hit by €6.5bn in losses at the height of the financial crisis, however the appeal court dismissed the bank’s ... (full story)