Conergy announces 2 settlement agreements

If approved at the next general meeting, Conergy will receive €6.3 million under a settlement agreement with Hans-Martin Rüter, Albert Edelmann, Nikolaus Krane, Christian Langen, Heiko Piossek and Edmund Stassen, and D&O Insurance AIG Europe Limited, Direktion für Deutschland. pv magazine was told that the majority of the sum will be paid by D&O.

In August 2011, Conergy announced it was suing the aforementioned four former management board members for breaching their obligations under stock corporation law.

Meanwhile, the Germany-based company has entered into a second settlement agreement with the parties of a test case (Musterverfahren), which saw Conergy being sued over a profit warning in October 2007. It has said it will use part of the €6.3 million to settle the case, if the first settlement comes into effect.