Final judgment of the Munich Regional Court I: Negotiation of the reversal of a project

August 12th, 2019 / 5:54 pm CET / CEST

NorCom Information Technology GmbH & Co. KGaA (ISIN: DE000A12UP37) has been a service provider for the DLZ-IT of the Federal Ministry of Transport, Building and Urban Development (BMVBS) since 2010. Due to differences in the project supervised by NorCom, the BMVBS stopped the cooperation at the beginning of 2013 (see ad-hoc announcement of September 20, 2013) and sued NorCom for the payment of € 3.4 million. As a result, NorCom filed a counterclaim and directed a claim in the amount of € 1.4 million to the BMVBS.

Today, NorCom received the judgment from the Munich Regional Court on this legal matter: The BMVBS's action is dismissed and NorCom's counterclaim is upheld.

NorCom had set up a provision of € 1.8 million for a possible warranty obligation.

Should the other side file a revision or appeal, NorCom will set up a new provision after considering the written pleadings.