In a lawsuit pending since 2010 at the Munich I Regional Court (LG) concerning claims made by the insolvency administrator of the chip manufacturer Qimonda against the Infineon Technologies group, the parties have agreed on a settlement. Infineon is paying 753.5 million euros into the insolvency estate. The agreement settles all of the insolvency administrator’s claims, the company announced.
Infineon spun off Qimonda in 2006 and listed it on the stock exchange. At the beginning of 2009, Qimonda became insolvent. The Munich District Court appointed Dr. Michael Jaffé (Jaffé Rechtsanwälte) as insolvency administrator.
Jaffé questioned the value of the memory business brought into the subsidiary by Infineon and sued for reimbursement of the difference between the issue price of the shares issued to Infineon as part of the spin-off of Qimonda. The claim was 3.4 billion euros plus interest. An agreement has now been reached on 800 million euros less eligible payments. This is not the first payment by Infineon to Qimonda’s insolvency estate. Infineon had already transferred 260 million euros in 2014 as part of the sale of patent rights.
The court still has to approve the settlement. Both Qimonda’s creditors’ committee and Infineon’s management and supervisory boards have already agreed. Jaffé assumes that the insolvency proceedings can be concluded next year. He is promising the creditors a “substantial quota”.
The in-house team at Infineon Technologies as well as the company’s management board and supervisory board were advised by a team from the Gleiss Lutz law firm in the proceedings before the regional court and in the settlement negotiations. The team was led by Prof. Dr. Michael Arnold and Dr. Dirk Wasmann.
Jaffé Lawyers:
Dr. Michael Jaffé (insolvency administrator)
Dr. Michael Schuster (Insolvency Law/Litigation)
Dr. Lothar Czaja (Insolvency Law/Litigation)
Inhouse Infineon Technologies:
Settlement negotiations:
Rudolf von Moreau (General Counsel)
Dr. Martin Bayerl
Dr. Dominik Kallweit
Dr. Regina Käsberger-Green
Legal representation:
Dr. Ulrike Grüning-von Schwerin
Dr. Franz Kirchmeier
Dr. Horst Meyer
Jan Thomas Swadzba
Gleiss Lutz for Infineon Technologies:
Settlement negotiations with the insolvency administrator and advice to
Management Board and Supervisory Board on the settlement agreement:
Prof. Dr. Michael Arnold (Partner, Lead, Corporate Law, Stuttgart)
Dr. Dirk Wasmann (Partner, Lead, Corporate Law, Stuttgart)
Dr. Patrick Mossler (Partner, Corporate Law, Hamburg)
Dr. Thorsten Gayk (Counsel, Corporate Law, Hamburg)
Dr. David Quinke (Partner, Litigation, Düsseldorf)
Dr. Luidger Röckrath (Partner, Litigation, Munich)
Dr. Adrian Bingel (Partner, Capital Markets Law, Stuttgart)
Dr. Tobias Harzenetter (Partner, Insurance Law, Munich)
Dr. Ocka Stumm (Partner, Tax Law, Frankfurt)
Dr. Johann Wagner (Partner, Tax Law, Hamburg)
Dr. Nicholas Brand (Corporate Law, Stuttgart)
Carsten Fitting (Corporate Law, Stuttgart)
Laura Moench (Corporate Law, Stuttgart)
Dominic Wolf (Corporate Law, Stuttgart)
Meike Matthias (Corporate Law, Hamburg)
Paul Hentschel (tax law, Hamburg)
Niklas Roulands (litigation, Düsseldorf)
Litigation:
Dr. Dirk Wasmann (Partner, Lead, Corporate Law, Stuttgart)
Dr. Patrick Mossler (Partner, Corporate Law, Hamburg)
Dr. David Quinke (Partner, Litigation, Düsseldorf)
Dr. Thorsten Gayk (Counsel, Corporate Law, Hamburg)
Dr. Ulrich Soltész (Partner, Antitrust Law, Brussels)
Carsten Fitting (Corporate Law, Stuttgart)
Laura Moench (Corporate Law, Stuttgart)
Dominic Wolf (Corporate Law, Stuttgart)
Meike Matthias (Corporate Law, Hamburg)
Alexander Daber (litigation, Düsseldorf)
Dr. Stephan Kreifels (litigation, Düsseldorf)
Niklas Roulands (litigation, Düsseldorf)
SZA Schilling, Zutt & Anschütz for the insolvency administrator (known from the market):
Prof. Dr Thomas Liebscher (Lead Counsel, Litigation)
Prof. Dr. Ben Steinbrück
Alexander Rickelt
Bub Gauweiler for the insolvency administrator (known from the market):
Prof. Dr. Wolf-Rüdiger Bub
Franz Enderle
Noerr for the insolvency administrator (known from the market):
Prof. Dr. Christian Pleister (Partner, Corporate Law, Berlin/Frankfurt)
Dr. Ingo Theusinger (Partner, Corporate Law, Düsseldorf)
