Deutsche Bank turns down Kirch settlement

Jörn Krieger ©RapidTVNews | 03-03-2012

The aspired out-of-court agreement to end the legal battle between Deutsche Bank and the heirs of German media entrepreneur Leo Kirch has fallen through. Following thorough evaluation, the board has decided to turn down the financial settlement with Kirch group, Germany's largest bank said in a statement.
No reasons were given for the disapproval. It is thought that board members feared that bank shareholders could take legal action against the settlement because of the high compensation payment involved.
The legal dispute, which has been running for 10 years, will now continue.
The settlement which Deutsche Bank chairman Josef Ackermann worked out with the Kirch side in mid-February 2012 was meant to put an end to the numerous court cases between both parties through the payment of around €800 million by the bank.