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
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
RELATED NEWS
Trade DB now with 
Follow RTT