Deutsche Bank and Kirch Group settle dispute
Jörn Krieger | 20-02-2014
Deutsche Bank and Kirch Group have ended their long-running legal battle with the financial settlement on which both sides agreed costing Germany's largest bank €775 million in addition to interest rates and compensation of expenses – apparently amounting to a total of more than €900 million.
The settlement, which puts an end to all legal cases between Deutsche Bank and Kirch Group, is based on a proposal by Munich's higher appeal court from March 2011.
Media entrepreneur Leo Kirch who died in 2011 made Deutsche Bank and its former head Rolf Breuer responsible for the bankruptcy of his company and instigated the legal action as Breuer doubted Kirch's creditworthiness in a TV interview in 2002.