BERLIN, Aug 22, 2024 (BSS/AFP) - Deutsche Bank said Wednesday it had
settled a dispute with dozens of former shareholders of Postbank who began
litigation alleging the German banking giant's 2010 takeover shortchanged
them.

Deutsche Bank said it reached agreements with "more than 80 plaintiffs
representing almost 60 percent of the total claims in the litigation" based
on a proposal of 31 euros ($34) per share.

Among the plaintiffs who agreed to settle was the largest single individual
who represented "around one-third of all the claims", the bank said in a
statement.

The deal will cost 45 percent of the 1.3 billion euros set aside for the
litigation in April, with the bank estimating the positive impact on its
third-quarter operating profit at 430 million euros.

The former shareholders launched their complaint saying Deutsche Bank's
takeover of Postbank undervalued their shares when they were bought at 25
euros each.

A Cologne tribunal indicated in April that some of the claims could be
vindicated, leading Deutsche Bank to intensify discussions with the former
Postbank shareholders.

The litigation provision dragged Deutsche Bank to its first quarterly loss in
four years in the second quarter of 2024.