FRANKFURT Oct 12 Germany's Federal Court of
Justice reversed a decision to acquit ex-managers of bailed-out
lender HSH Nordbank of charges that included accounting
fraud, handing the high-profile case back to a regional court.
The acquittal "did not stand up to a legal review", the
Federal Court of Justice said in a verdict on Wednesday, adding
that it would return the case to the Hamburg court.
The HSH trial was one of the first cases of a European
bank's entire executive board being tried for actions taken in
the run-up to the financial crisis.
The case against six former board members, including former
Chief Executive Dirk Jens Nonnenmacher, dealt with whether they
properly accounted for a deal they struck in 2007 that reduced
the bank's capital requirements but later resulted in 500
million euros ($560 million) of writedowns.
They were acquitted by the Hamburg regional court in 2014,
triggering an appeal by the public prosecutors office that
sought to have the verdict overturned.
HSH, along with other regional state-owned German banks,
lost billions of euros on risky investments.
Its owners - the state of Schleswig-Holstein, the city state
of Hamburg and local savings banks - propped it up with a 3
billion-euro capital injection and 10 billion euros in loan
($1 = 0.8928 euros)
(Reporting by Christoph Steitz; Editing by Georgina Prodhan)