Telekom boss Ron Sommer stands in front of the Frankfurt stock exchange on November 17, 1996, where the introductory price of the T-share of 28.50 D-Marks at the time is displayed. It should be the new people’s share.
16,000 small shareholders have sued Telekom for damages. Now a final decision is emerging – after two decades.
ZTwo decades after Deutsche Telekom went public for the third time, a final decision is emerging in the investor protection process. The responsible Senate of the Federal Court of Justice (BGH) wants to discuss the legal complaints filed in December, as announced on Thursday in Karlsruhe. The decision is then to be served on the parties and publicly communicated in early 2021 – provided the schedule is not shaken by the corona pandemic. (Ref. XI ZB 24/16)
Behind the test case are more than 16,000 small shareholders who are suing, demanding compensation for the exchange rate losses they have suffered in the amount of around 80 million euros. At the end of 2016, the Frankfurt Higher Regional Court decided, based on a model lawsuit, that Telekom was responsible for serious errors in the sales prospectus for the IPO in 2000. However, it can only be clarified in individual cases whether the investors used the prospectus as the basis for their purchase decision.
Both the plaintiff’s attorney and Telekom had lodged a legal complaint against this in Karlsruhe. In 2014, the Federal Court of Justice ruled in a first partial proceeding that the prospectus contained a serious error.