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Commerzbank Bonus Appeal Fails as Dresdner Bankers Win Again

Commerzbank AG must pay about 50 million euros ($65 million) to 104 bankers at its now-defunct Dresdner unit after a U.K. appeals court refused to overturn a judge’s decision that the German lender should honor bonus promises.

A pledge by Dresdner’s then Chief Executive Officer, Stefan Jentzsch, to set aside 400 million euros for bonuses in 2008, before the investment bank was acquired by Commerzbank, was binding, the court said today. Commerzbank, which reduced Dresdner bonuses by 90 percent, argued a 6.5 billion-euro loss at the unit justified the move.