Deutsche Bank Pays Less Than EUR800 Million For Kirch Settlement – Newspaper

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The FINANCIAL — Germany's Deutsche Bank AG agreed to pay less than EUR800 million to reach a settlement in a trial with the late German media mogul Leo Kirch, German newspaper "Bild" reports on its website Monday, citing sources familiar with the matter.

 

According to London Stock Exchange, Kirch, who died last summer, accused Deutsche Bank AG of driving the Kirch Group into bankruptcy after former Deutsche Bank Chairman Rolf Breuer said in a 2002 television interview that it was unlikely anyone would give Kirch any more credit. Kirch alleged the bank sought to damage his company intentionally because it hoped to obtain a lucrative mandate to split up the Kirch media empire after its collapse.

He originally aimed at a compensation payment of EUR1.6 million, according to the paper.

A Deutsche Bank spokesman declined to comment. A spokesman for the late Leo Kirch also declined comment.

 

 

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