Create a free account to continue

Siemens Files Lawsuit Against Former Execs

German industrial conglomerate filed suits Monday seeking millions of dollars in damages from two former executives over a corruption scandal at the company.

BERLIN (AP) -- Siemens AG filed suits Monday seeking millions of euros (dollars) in damages from two former executives over a corruption scandal at the German industrial conglomerate.

The company said it filed the suits at a district court in Munich, where it is based.

It is seeking euro15 million ($21 million) from former chief financial officer Heinz-Joachim Neubuerger and euro5 million from Thomas Ganswindt, a former head of its telecommunications business.

Siemens did not detail the specific grounds for the suits, but the two are among 11 former executives whom it threatened to sue in 2008 over alleged supervisory failings in a scandal that cost the company heavily in fines and damaged its reputation.

It has since reached settlements with nine former board members, including two ex-chief executives -- Heinrich von Pierer and Klaus Kleinfeld, both of whom have denied any wrongdoing. The annual shareholder meeting is to ratify those agreements on Tuesday.

Siemens, which makes a wide range of products including wind turbines and trams, has acknowledged making dubious payments in the past to secure business. An investigation commissioned by Siemens found evidence of violations across the company, and in several countries.

In 2008, Siemens agreed to pay more than $1 billion in fines in Germany and the U.S. stemming from the scandal.