Deutsche Bank Suffers Blow In Legal Battle With Kirch
01 Marzo 2012 - 1:31PM
Dow Jones News
Germany's Deutsche Bank AG (DB) Thursday lost a petition in a
decade-long legal battle with former media mogul Leo Kirch, whose
heirs claim that a former Deutsche Bank chief executive's comments
pushed Kirch Group into bankruptcy.
The district court in Munich Thursday dismissed the petition
that three relevant judges of the higher regional court in Munich
were prejudiced, saying the petition is "all in all unjustified."
The court added the bank's accusations are largely not up with the
truth and bare evidence. A Deutsche Bank spokesman declined to
comment the decision.
Among the judges is Guido Kotschy, who had suggested Deutsche
Bank pay EUR775 million to the heirs of Leo Kirch.
The proposed deal, which would mark one of the largest civil
settlements in European history, is facing resistance within
Deutsche Bank's management board, however, Dow Jones Newswires
reported last week, citing people familiar with the
negotiations.
Kirch, whose media company, Kirch Group, collapsed in 2002 in
Germany's largest postwar bankruptcy, died in July at 84 years old,
but his estate has continued to pursue the case against Deutsche
Bank. Under the original claim, Leo Kirch sought more than EUR3
billion.
In a 2002 television interview, Deutsche Bank's then-CEO, Rolf
Breuer, said it was unlikely anyone would provide Leo Kirch with
any more credit. Kirch, a Deutsche Bank client, sued the bank,
accusing Breuer of violating his right to confidentiality under
German banking laws. Kirch also alleged Breuer sought to damage his
company in order to obtain a lucrative deal to split up the media
empire.
-By Eyk Henning, Dow Jones Newswires, 49 69 29 725 108;
eyk.henning@dowjones.com
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