On 15 January 2013, the German Federal Court of Justice (Bundesgerichtshof) gave its decision to repeal the judgment given on appeal (Revision) by the Frankfurt/Main Higher Regional Court (Oberlandesgericht Frankfurt). The matter was remitted to the Frankfurt/Main Higher Regional Court for new negotiations and redetermination. Based on the second instance decision of the Frankfurt/Main Higher Regional Court, the German Federal Court of Justice approved the appeal for Corealcredit Bank AG.

In connection with derivative transactions, Corealcredit Bank AG had sued the past members of the former AHBR’s (Allgemeine HypothekenBank Rheinboden) Management Board who served between 2001 and mid-2002 for damages amounting to EUR 250 million. Back in March 2011, the 5th Civil Division of the Higher Regional Court Frankfurt am Main rejected an action for damages and declaratory judgment in the second instance for Corealcredit Bank. This procedure is one of the highest actions for damages against former managers the German courts currently have to deal with.

Salans had already represented the Corealcredit Bank AG before the Higher Regional Court and now also in the German Federal Court of Justice procedure successfully collaborated with the German Federal Court of Justice lawyer Dr. Matthias Siegmann. Sebastian Schmid, Counsel at Salans in Frankfurt, commented on the outcome, "We are very pleased that the German Federal Court of Justice has given us the opportunity to make this procedure a success for our client."

Advisors to Corealcredit Bank AG:

German Federal Court of Justice lawyer: Dr. Matthias Siegmann

Salans: Sebastian Schmid (Counsel, Real Estate, Litigation, Frankfurt)

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