Swap comparison legally binding, Linz is now examining claims for damages

After eleven years, the legal dispute over the so-called “SWAP 4175” was finally settled on Tuesday after a judicial settlement was reached between the City of Linz and Bawag AG at the Vienna Commercial Court.

The proposal negotiated by the legal teams of the parties to the dispute and approved by a majority of the Linz City Senate and the Municipal Council has now been confirmed. This settlement provides for the payment of twelve million euros by the city of Linz and the waiver of all possible mutual claims and claims by the parties to the dispute.

“This judicial settlement takes a great burden off the shoulders of the people of Linz by preventing a costly and time-consuming continuation of the legal dispute between Bawag AG and the city of Linz,” emphasized SPÖ Mayor Klaus Luger.

This agreement was made possible by two factors: the excellent work of the Linz legal team around Gerhard Rothner and the majority decision by the SPÖ, ÖVP, Greens, Neos and MFG in the municipal council. The latter is evidence of the political will to cooperate in Linz’s city politics across party lines.

Also Dobusch in sight

Exactly 15 years ago, in February 2007, this swap — damage to Linz of 43 million euros — was signed by Werner Penn, then Linz SPÖ finance director. “Any claims for damages will now be examined as the next step,” Mayor Luger said on Wednesday. Specifically, it is about claims against the formerly responsible persons, former mayor Franz Dobusch, a. D. Johann Mayr and Ex-CFO Penn.

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