Masterflex Group: Appeal dismissed and 2012 litigation ended

The Federal Court of Justice has rejected a non-admission complaint filed by Masterflex SE. The lawsuit in question was based on an action brought in 2012 by the buyer of the two companies belonging to the former Mobility Group, Clean Air Bike GmbH and Velodrive GmbH, at that time essentially suing Masterflex SE for the rescission of the trade sale agreement. This claim was rejected in the first instance. The pending court case before the Higher Regional Court of Dusseldorf came to an end on June 16, 2016. Afterwards, Masterflex SE was sentenced to pay the plaintiff € 880,827.82 plus interest amounting to 5 percentage points above the base interest rate since 9 November 2012. The costs of the legal dispute of both instances were offset against each other. Masterflex SE could not comply with this ruling and lodged an appeal (non-admission complaint) with the Federal Court of Justice in 2016. The legal dispute is closed with the decision of the Federal Court of Justice against the appeal. Masterflex SE has made a corresponding amount of provisions in its consolidated and annual financial statements, which will now take effect in 2018.