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Trial starts in 320-million-euro damage case against HRE
Published in Saudi Press Agency on 06 - 08 - 2009


Proceedings began Thursday in a 320-million-euro
(461-million-dollar) damages case filed by investors at Germany's
Hypo Real Estate (HRE) who claim they were not properly warned of
dangers that led to heavy losses in the company's stock value, according to dpa.
It is the largest compensation case filed to date against the
company. The plaintiffs argue that HRE had not correctly informed
them about the bank's financial situation.
The trial, in Munich, is expected to last into the autumn.
Investors suffered heavy losses when HRE shares plummeted on the
German DAX stock exchange in January 2008.
HRE has since been rescued from insolvency by a government bail-
out package totalling more than 100 million euros. It was
nationalized in the process.
In a previous case, one investor was granted roughly 4,000 euros
in damages, although HRE has appealed the judgement.
In another case, judges said investors buying shares from late
November 2007 to mid January 2008 stood a good chance of being
awarded damages.
HRE managers are accused of having known about the effects of the
US financial crisis on company finances before it was made public on
January 15, 2008, when HRE announced a 390-million-euro write-off.
The Munich court has said previous cases would not set a
precedent.
More than 50 claims are outstanding against HRE, the parent of
Germany's main issuer of covered bonds.
Almost all investors have now sold their HRE stocks to the state
at a rate of 1,39 euros. A few remaining shareholders are to be
squeezed out so the government can press ahead with structural
reforms.


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