Its bonus time for niche firms…

Stewarts Law, Niche Firm of the Year 2009 (Lawyer Awards), is acting for a group of former Dresdner Kleinwort traders who are suing the bank’s new owner for millions in withheld bonuses. The case is the largest bonus dispute to have arisen out of the credit crisis. Seventy two traders have lined up to sue Commerzbank, claiming it reneged on a combined €34 million (£30 million) in guaranteed bonuses. The bankers claim that the bonuses were agreed when they worked for Dresdner Kleinwort prior to its sale by German insurer Allianz to Commerzbank last September.

Eight of the traders are demanding unpaid bonuses of more than €1 million each. The traders claim that their bonuses were ring-fenced prior to Commerzbank’s €6 billion rescue takeover of Dresdner.

Mishcon de Reya has been instructed by a separate group of Dresdner bankers, understood to contain at least 50 traders. They plan to file a similar lawsuit in the next four weeks. Mishcons have already won compensation for four Dresdner bankers who had their bonuses withheld after their employer was bought by Commerzbank.

More silver linings for lawyers.