On 1 April 2011, eight foreign hedge funds and one German association for shareholder's rights withdrew their claim for alleged damages for EUR 17.35 bn asserted against UniCredit S.p.A. and others.
This action had been brought in June 2007 in the Regional Court of Munich I (Germany) against UniCredit, Mr. Alessandro Profumo in his function as former CEO of UniCredit and Dr. Wolfgang Sprißler in his function as former CEO of HypoVereinsbank. The claim was based on the allegation that UniCredit S.p.A. had induced HypoVereinsbank AG to consent to detrimental actions during the course of and following the combination of the two banks in 2005. As former minority shareholders, the claimants purported to have suffered damages from these actions.
The withdrawal of the claim - with prejudice - has become effective immediately. Allegations of damages in connection with the merger are still the subject of other proceedings - especially in ongoing appraisal proceedings in Germany (which are reviewing the cash compensation paid to former minority shareholders).
Milan, 5 April 2011
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