Ex-Deutsche executives seek £5m from property deal

LONDON – In mid-March, two former Deutsche Bank executives took their former employer to the High Court in London. They alleged that the investment bank had not given them their share of the profits from a £340 million property deal seven years ago.

Paul Rivlin and Neil Lawson-May are suing the bank for alleged breach of contract. They say the terms of their bonus plan entitled them to a percentage share of the profit the bank made on the transaction. Deutsche says the allegation lacks merit, and that the men were both paid more than £1 million in salary and bonuses in 2000, and were not entitled to further payments.

The transaction involved the establishment of a joint venture with the Italian utility firm Enel. Although the two men claim they introduced the deal to the firm the bank says they did not initiate the transaction.

In a statement, the bank said: "Deutsche Bank recognises and rewards real contribution by its employees to its business. In this case, the claimants did not contribute real value to the transaction, nor did they satisfy the relevant criteria."

The two men have since left the firm. They are hoping to win £5 million in compensation.