German Banks Pay Millions to Settle Claims by Insolvent Signa

Helaba and other German lenders have paid millions of euros in recent weeks to settle claims by the administrator of former real estate tycoon Rene Benko’s Signa Prime Selection AG.

Helaba paid €26 million ($30 million) at the end of May as part of an out-of court settlement, Signa Prime’s insolvency administrator said in a report to creditors dated Monday. Other payments include €3 million received from Deutsche Pfandbriefbank AG and €2.1 million from Bayerische Landesbank.

The settlements are a result of efforts to reclaim as much as €456 million in payments made in the run-up to ...