logo
Share SHARE
FONT-SIZE Plus   Neg

Deutsche Bank Says Does Not Accept Out-of-Court Settlement With Kirch Group

German lender Deutsche Bank (DB) announced that its Management Board has thoroughly reviewed a proposal for the settlement of the legal disputes initiated by Leo Kirch and his associates. The company said that based on the review, its Board decided without dissent not to accept the settlement proposal.

Deutsche Bank and the heirs of Leo Kirch, the media enterpreneur who died in July, were near an agreement to settle a dispute spanned over 10 years for around 800 million euros, reports said last month. The lender reportedly rejected a settlement worth 775 million euros proposed by a court in Munich.

The dispute arose from a statement made by Rolf Breuer, Deutsche Bank's then-chief executive officer, who in an interview with Bloomberg in 2002 cast doubts over the media group's creditworthiness. Kirch, who was a client of Deutsche Bank, vigorosly pursued the case in court stating those remarks led to the downfall of his empire and sought at least 3.3 billion euros.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of social network company Twitter Inc. (TWTR), jumped over 5 percent on Wednesday, after one of its cofounders Ev Williams dropped a hint during a television interview about the company's sale. Ev Williams, a Twitter cofounder and board member, was asked by Bloomberg TV about the company's... Mazda Motor Corp. (MZDAF.PK) is recalling over 190,000 CX-7 sport utility vehicles to fix a issue that could lead to loss of steering control. The recall involves CX-7 models from 2007 through 2012 manufactured between February 14, 2006 to May 9, 2012. The company said there have been no reports of... Over 68 million email address and passwords of Dropbox users were stolen by hackers, according to a report from Motherboard. Although, the account details were stolen during a previously disclosed breach that took place in 2012, the magnitude of the attack has come to light only now. Following...
comments powered by Disqus
Follow RTT