Dresdner economist David Owen sues bank for £500k

By Philip Aldrick 600AM GMT 09 March 2010

Dresdner economist sues bank for �500k

David Owen, who worked at Dresdner for twenty-three years, claims he was betrothed a reward of €315,000 (�285,000) for 2008 but perceived usually €31,500 following Dresdner"s merger in Jan 2009 by German opposition Commerzbank.

He was subsequently done surplus and offering a year"s income of �125,000 as a pay-off. He is additionally claiming he should have perceived roughly twice as large a excess remuneration on the drift that he was entitled to one month for each year of service.

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The authorised case is only the ultimate in a unreasonable of claims opposite Commerzbank, that marked down the influence bonuses Dresdner had betrothed staff in 2008 by 90pc. Two apart category movement claims utilizing identical arguments, one for twenty-one former staff and the alternative for a organisation of 81, are additionally in court.

The dual cases are looking about �45m in delinquent bonuses and most alternative former Dresdner bankers are watchful for the formula prior to determining on creation identical claims. The staff disagree they are entitled to the payments since they were sensitive in essay of their bonuses in Aug 2008. At a after meeting, they explain to have been told that €400m had been set in reserve to encounter the payments.

However, Commerzbank took behind €360m on the drift that the €6.3bn loss Dresdner done in 2008 constituted a "material inauspicious change" that authorised it to scratch behind the bonuses as set out in the letters.

Mr Owen, who is right away arch European monetary economist at Jefferies Group, additionally claims he was not "fairly considered" for a on all sides at the joined association and that his stipulate was breached by denying him the pay. He was allegedly offering his reward and separation compensate on the condition he relinquish all claims opposite Dresdner, together with the stream complaint.

Commerzbank declined to criticism but sources pronounced Mr Owen was treated with colour the same as all staff done surplus at the same time. It is additionally contesting his reward claim.