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Press release

Schilling, Zutt & Anschütz advises long-standing Chairman of the Executive Board of Bilfinger in the Defense against Liability Claims

Press Release Capital Markets Mergers & Acquisitions - 


In exchange for a payment from the D&O insurers, Bilfinger Berger agrees to settle all liability claims asserted against its long-standing Chairman of the Executive Board, Herbert
Bodner, and other Executive Board members. 

In 2018, the Supervisory Board of Bilfinger SE had asserted claims for damages against Bodner and eleven other members of the Executive Board for alleged breaches of duty in the implementation of a proper compliance management system. The claims asserted against Bodner amounted to approximately EUR 79 million. Bilfinger had also asserted claims in the amount of a further EUR 32 million against individual members of the Executive Board in connection with the acquisition of the Mauell Group.

Bodner was Chairman of the Executive Board of Bilfinger SE from 1999 to June 2011 and from 2014 to 2015 and as such also responsible for compliance. He and the other members of the Executive Board who were held liable have always rejected the claims and the breach of duty of care alleged by Bilfinger. A legal dispute has now been averted by a settlement reached between Bilfinger, the Executive Board members and the D&O Insurers. In return for settling the claims asserted in the total amount of EUR 111 million, Bilfinger will receive a payment from the D&O Insurers in the total amount of EUR 16.75 million.

The settlement is subject to the approval of the Annual General Meeting of Bilfinger SE convened for April 23, 2020.

The SZA team consisted of the partners Dr. Stephan Brandes and Dr. Jonas Fischbach.

For almost a century, Schilling, Zutt & Anschütz has been one of the most reputable German corporate law firms. With more than 80 attorneys and offices in Frankfurt, Mannheim, Munich and Brussels, we advise national and international clients on com-plex commercial law issues, in particular in the areas of corporate law, M&A, capital market law, banking & finance, labour law, intellectual property law, competition law, litigation, public law, tax law and insolvency law.

FILES:
20-03-16_Press_Release_SZA_Bilfinger.pdf 39 KB