60 percent of the plaintiffs accept a comparison to Telekom’s IPO

Frankfurt/Bonn 22 years after the highly controversial third IPO Deutsche Telekom the majority of legal cases are closed. More than 60 percent of the plaintiffs have now accepted the settlement proposal supported by the Frankfurt Higher Regional Court the dax-Group on Monday with. Among them are the heirs of the model plaintiff who died in 2016. In addition, around 90 percent of the individual cases have now been examined and the “vast majority” of the plaintiffs entitled to a settlement have received an offer.

In an almost unprecedented series of lawsuits, around 16,000 plaintiffs had demanded around 80 million euros in damages for their share price losses. The lawsuits filed with the district court in Frankfurt were summarized in a model case for investors, in the course of which false information in the stock exchange prospectus was proven to Telekom.

In order to end the individual cases more quickly afterwards, the companies and the law firms leading the proceedings agreed on the settlement proposal that has now been implemented. The Higher Regional Court again recommended the plaintiffs on Monday to accept. Telekom published an e-mail address that plaintiffs who have lost contact with their lawyer over time can contact.

If accepted, the shareholders will receive back the purchase price of EUR 66.50 per share paid in 2000, from which dividends and partial sales paid in the meantime will be deducted. The current value of the share is also offset, as are the subsequently distributed bonus shares from the federal government, because all papers are to remain with the buyers.

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70 percent of the accrued legal interest that has accrued since the lawsuits were filed will then be added. A total of around 160 million euros could come out, it was said at the settlement a year ago from legal circles.

More: Deutsche Telekom makes 80 percent more profit thanks to its US subsidiary – and pays a higher dividend

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