The case of the three energy traders who believed they were owed 1.1 billion kroner in bonuses by their then employer, Energi Danmark, has been concluded.
The parties have reached a settlement that means that the three former employees will receive a total of 74.6 million kroner in exchange for waiving all claims against Energi Danmark. The amount includes the 11 million kroner they have already been paid. Although Energi Danmark believed they had a good case, the company chose to settle the case outside the courts.
- Rationally, today's agreement is the right solution for Energi Danmark. By entering into this agreement, we have removed a small risk - but still a risk - of losing a very large amount.
- Instead of spending energy, effort and a lot of money on a long and potentially exhausting lawsuit, we can now focus on moving Energi Danmark forward, say Chairman of the Board Jesper Hjulmand and Deputy Chairman Jacob Vittrup in a press release.
Djøf: Reasonable solution
The core of the dispute is a bonus agreement that was entered into with Energi Danmark's now resigned CEO, Jørgen Holm Westergård.
As a result of the very large fluctuations in the electricity market - and Energi Danmark's resulting record profit of 8.9 billion kroner - it would have earned each of the three energy traders a three-digit million bonus.
However, Energi Danmark's board of directors had never approved the agreement and therefore believes that it is invalid. The Djøf union has represented the three former employees in the case.
- Our members' needs have always been for a reasonable solution to be found. This has now been achieved, and both we and our members are happy that they can now move on with their lives and careers, says Kia Philip Dollerschell, department manager at Djøf.
The parties have agreed not to comment further on the case and the details of the settlement.
/ritzau/
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