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Utz Claassen sues Solar Millennium for damages in the USA

Erlangen, 2 April 2012 – Solar Millennium AG's former CEO, Utz Claassen, has sued Solar Millennium and some of the subsidiaries for damages worth USD 265 million in the USA. The statement of claim states that responsible persons at Solar Millennium AG had damaged Claassen's reputation as a manager by making defamatory statements towards the public and the press after he left the Company in March 2010. As a consequence, he has apparently received no suitable offers since then. He specifically sued Solar Millennium AG, its US subsidiary Solar Millennium Inc. and Solar Trust of America LLC, in which Solar Millennium Inc. holds 70%, while the remaining 30 % are held by Ferrostaal.

The action is being legally examined by the insolvency administrator Volker Böhm and the affected subsidiaries at present. The action will have no direct impact on the German insolvency proceedings. Even if Claassen's action proved successful, he would only be one of the creditors of the insolvent SMAG and would have to apply for inclusion of any damages awarded in the schedule of creditors' claims. Whether this claim would actually be recognized by the insolvency administrator would then again be legally examined according to the German law.


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