Deutsche Bank Reaches Billion Dollar Settlement Over Kirch Bankruptcy
After more than a decade of legal battles, Deutsche Bank on Thursday announced it had reached a settlement with the heirs of late media mogul Leo Kirch that will see the bank pay out more than $1 billion in damages. The bank said it will pay a lump sum of $1.06 billion plus interest and a reimbursement of legal costs to Kirch’s heirs, ending the biggest suit in the German media industry. The suit was linked to the collapse of Kirch’s KirchMedia group, which went bust in 2002, marking the largest ever bankruptcy in post-war Germany. Kirch blamed the collapse on then Deutsche Bank CEO Rolf Breuer who publicly questioned KirchMedia’s credit worthiness in a 2002 interview on Bloomberg TV. At the time, Deutsche Bank was one of KirchMedia’s main creditors.
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