Traders Settle $160 Million Bonus Feud With Danish Utility
- Traders claimed 1.1 billion kroner earned during energy crisis
- Energi Danmark said bonuses were “illegal and invalid”
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Three energy traders agreed to receive just a fraction of the 1.1 billion Danish kroner ($160 million) in combined bonuses they had claimed after helping to amass huge profits for one of Denmark’s largest utilities during the energy crisis last year.
The traders sued their former employer Energi Danmark Group after it refused to pay the uncapped bonuses. They will now receive a total joint compensation of about 75 million kroner, including 11 million already paid, the firm said in a statement on Wednesday. They were fired back in April.