Gigaset AG as defendant and the insolvency administrator appointed over Sommer Road Cargo Solutions GmbH & Co. KG ("Sommer") as claimant have today amicably settled their lawsuit which was pending from January 2013.
The administrator had claimed that in 2007 ARQUES Industries AG, at the time the parent company of Sommer Group, unlawfully demanded repayment of a loan from Sommer and as such violated, inter alia, the equity maintenance rules applicable at that point in time. Sommer had consequently incurred damage of a minimum of 3 million Euros, for which Gigaset, formerly trading under the name ARQUES Industries AG, beared joint and several liability together with Dr. Vorderwülbecke, its Managing Director and member of the Executive Board at the time. The administrator claim was limited to an amount of 3 million Euros initially; however the administrator had reserved the right to retrospectively increase that amount. Gigaset had contested the lawsuit.
Under today’s settlement, Gigaset AG shall pay an amount of 800.000 EUR to the administrator. The payment is due in several installments until 31 January 2014.
After payment of the amounts determined by today’s settlement, all claims of the administrator against Gigaset AG are paid and settled.
Sommer Road Cargo Solutions GmbH & Co. KG was an affiliate of ARQUES Industries AG from October 2005 to March 2009. Insolvency proceedings were instigated against Sommer on December 31, 2009. After changing its business model in 2010, ARQUES Industries AG today operates under the name Gigaset AG.
Gigaset AG, Munich, is an internationally operating company in the area of communications technology. The Company is Europe's market leader in DECT telephones. The premium supplier ranks second worldwide with around 1,400 employees and a market presence in about 70 countries.
Gigaset AG is listed on the Prime Standard of Deutsche Börse and thus is subject to the highest requirements for transparency. Its shares are traded on the Frankfurt Stock Exchange under the symbol 'GGS' (ISIN: DE0005156004).