KEY PLAYERS IN COURTROOM DRAMA
MARTIN BLESSING
CHIEF EXECUTIVE, COMMERZBANK
Cutting bonuses was the “right thing” to do, Blessing told the High Court, saying the handling of 9,000 job cuts was a greater concern. Bonus promises were not a “binding commitment”, he said. Blessing added: “If I promise my wife to be home at 8pm for dinner and come in at 9pm I have not broken a contract.”
ANDREW HOCHHAUSER, QC
BARRISTER AT ESSEX COURT CHAMBERS
Hochhauser and David Craig were instructed by Mishcon de Reya for 21 of the bankers and accused Commerzbank of “moving the goalposts” over its use of the material adverse change clause to cut the bonuses. He has also represented celebrity chef Gary Rhodes and is a trustee of the Victoria & Albert Museum.
STEFAN JENTZSCH
EX-HEAD OF DRESDNER INVESTMENT BANK
Dresdner kept its staff working hard by offering a minimum bonus pool months before it confirmed individual guarantees, Jentzsch said during the trial. The pool existed to prevent staff defections and to ensure “operational stability” when Allianz, then the parent company, was considering selling or winding down the division.
NIGEL TOZZI, QC
BARRISTER AT 4 PUMP COURT
Tozzi and Kate Livesey were instructed by Stewarts Law and represented 83 of the bankers during this case.
Over the last five years Tozzi has acted for the Ferrari Formula One team in the High Court and in hearings before the World Motor Sports Council and the International Court of Appeal of the FIA.