Siemens Settles With Ex-CFO Neubuerger Over Bribery Case

Siemens AG reached an agreement with its former Chief Financial Officer Heinz-Joachim Neubuerger to settle a civil suit over his role in a corruption scandal at the company.

Neubuerger and his former employer reached the deal in August, Siemens said in its annual report published today. Shareholders need to approve the settlement in their next meeting for it to take effect. The company didn’t disclose any further terms of the agreement.

Siemens settled with six of its former executives in 2009, three years after the biggest bribery scandal in German corporate history unfolded. At the time, Heinrich von Pierer, who led the Munich-based company from 1992 to 2005, agreed to pay 5 million euros ($6.2 million) and Klaus Kleinfeld, his successor, 2 million euros. Siemens sued Neubuerger for damages and won a ruling a year ago, ordering him to pay 15 million euros.

Eberhard Wahle, Neubuerger’s attorney, confirmed the settlement, declining to comment further. He had appealed the ruling against his client at the time.

Before it's here, it's on the Bloomberg Terminal.