Deutsche Bank Former Executives Waive Outstanding Bonus Pay

(Bloomberg) -- Ten former and one incumbent executive board member of Deutsche Bank AG agreed to waive 38.4 million euros ($45 million) of bonus payments as part of a deal with the German lender related to fines it had to pay for past misconduct.

The lender said it won’t hold the management board members liable as part of the deal, which also includes them receiving 31.4 million euros in bonuses, according to a statement Thursday from the lender. There’s insufficient evidence for actionable damage claims against the members, the bank said.

The lender has been seeking to persuade the former executives to help pay billions of dollars in fines the lender incurred because of past misconduct. Supervisory board Chairman Paul Achleitner said at the bank’s annual general meeting in May that an agreement with the 11 men was nearing.

To contact the reporter on this story: Dale Crofts in Dubai at dcrofts@bloomberg.net.

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Cindy Roberts