The Firm represented and funded a number of institutional investors in litigation in Germany against Deutsche Bank AG ("Deutsche Bank"). The case alleged that Deutsche Bank violated German law by delaying the issuance of a mandatory public tender offer by more than 18 months after it acquired a controlling stake in Deutsche Postbank, at the time one of Germany's largest retail banks and financial services providers.
The dispute arose from a September 2008 agreement between Deutsche Bank and Deutsche Post, under which Deutsche Bank agreed to acquire Deutsche Post's majority stake in Deutsche Postbank — representing 50% plus one share of the total outstanding shares. Under German law, any acquirer that crosses the 30% ownership threshold in a target company is required to make a public tender offer to all remaining shareholders. Deutsche Bank's delay in complying with this obligation allowed it to benefit from intervening changes in market conditions, enabling it to offer a significantly lower price per share than a timely tender offer would have required.
In August 2024, the Firm negotiated a settlement with Deutsche Bank on behalf of its clients and its clients received an additional €31 per share tendered.