Financial investment: Dentists’ pension fund demands millions in damages

When asked by the German Press Agency, the lawyer for the terminated director said that they did not want to comment on details while the proceedings were ongoing.

The court spokeswoman also gave neither details nor the amount of the claims. According to reports from “Tagesspiegel” and the Bloomberg agency, the pension fund is demanding almost 50 million euros from the former manager. It is still unclear when the court will hear the lawsuit.

First decision not final

At the end of January, the labor court confirmed the man’s ordinary dismissal. The court argued at the time that the plaintiff had abused his position as a director and on the management boards of numerous investment companies. He had entered into a conflict of interest, which he did not point out to the VZB, although he was obliged to do so. The judgment is not final.

The background to the termination is capital investments for the retirement and surviving dependents of dentists. According to court information, auditors determined last year that the investments were probably worth significantly less than assumed. A supply gap of more than one billion euros is feared. The reason for this is said to be risky investment strategies.

Investigations and compensation

The Berlin Public Prosecutor General’s Office has initiated an investigation into the case. According to an authority spokesman, the initial suspicion of corruption or bribery is being examined. The presumption of innocence applies until the proceedings are legally concluded.