Erste Abwicklungsanstalt ordered to pay to Portigon AG approx. EUR 1bn

Düsseldorf, 29 September 2021. With judgement dated 29 September 2021, the Regional Court of Frankfurt/Main has ordered Erste Abwicklungsanstalt AöR (EAA) to pay to Portigon AG approx. EUR 1 bn. In 2012 and based on the decision of the European Commission, EAA has, in a financial markets stabilization transaction, taken over risk assets from Portigon AG (former WestLB AG). Portigon AG is currently being held liable by the tax authorities to repay refunded/counted tax credits in connection with suspected dividend arbitrage tradings in an amount of approx. EUR 1 bn. Portigon AG claims from EAA to be held harmless from such tax claims. EAA is convinced that there is no legal basis for such claim. Therefore, EAA will appeal against the decision of the Regional Court of Frankfurt/Main.