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Dieselgate settlements – BGH declares shareholders’ resolution void
The German Supreme Court (“BGH”) has annulled the resolution of the general meeting of Volkswagen AG (“VW AG”) in the so-called “Dieselgate” scandal, where settlements concluded with former members of the management board (liability settlements) as well as with the involved D&O insurers (coverage settlements) were approved. The court found that the general meeting had been convened improperly and that the accompanying documents provided insufficient information. With this judgment, the BGH strengthens shareholders’ rights to information and disclosure. Given the substantially identical provisions under Austrian stock corporation law, this judgment is also relevant for Austrian stock corporations (Aktiengesellschaften).
European Court of Justice reviews directors’ liability for cartel fines
Cartel fines, which can amount up to 10% of a company’s global group turnover, represent one of the most significant enforcement instruments in European competition law. With both the frequency and the magnitude of such cartel fines on the rise, companies are increasingly exploring the possibility of seeking recourse from managing directors. The admissibility of such damage claims is currently subject of preliminary ruling proceedings before the European Court of Justice (“ECJ”). 1. Facts of the case The Cartel Senate of the German Supreme Court (“BGH”, case no. KZR 74/23) referred a case to the ECJ involving a former managing director of a German limited liability company who simultaneously served as
Kinstellar strengthens Vienna office with the appointment of Markus Taufner as Partner
Kinstellar is pleased to announce that Markus Taufner has joined its recently launched Vienna office as a Partner. Markus is a well-respected dispute resolution lawyer with strong expertise in commercial and corporate litigation. His addition enhances Kinstellar’s full-service capabilities in Austria and contributes to the Firm's continued growth across the CEE region. Markus has over a decade of experience in complex corporate and commercial disputes. He specialises in corporate litigation with a focus on shareholder claims, liability of board members, dismissal of managing directors, D&O insurance disputes, and M&A litigation. He also has substantial experience representing clients in internal investigations