Longstanding Deutsche Bank lawsuit settled with Kirch family
The family of Leo Kirch has been seeking upwards of 3.3 billion in recompense for the late media mogul's empire -- the collapse of which they blame on German banking firm Deutsche Bank
February 21, 2014 at 05:10 AM
7 minute read
The original version of this story was published on Law.com
The family of Leo Kirch has been seeking upwards of €3.3 billion in recompense for the late media mogul's empire — the collapse of which they blame on German banking firm Deutsche Bank. For over a decade, Leo Kirch — who died in 2011 — and his family have been in a legal dispute with Deutsche Bank over the downfall of the Kirch Group, which started in 2002. Deutsche Bank's chief executive officer Rolf Breuer publicly questioned the creditworthiness of the Kirch Group in that year, and the group subsequently suffered lawsuit upon lawsuit, and enough negative media attention to contribute to its ultimate collapse.
Deutsche Bank has finally agreed to compensate the Kirch family in the form of €775 million, plus interest and costs, which amount to another €150 million according to Bloomberg, which will settle the long-running dispute with Leo Kirch's heirs, albeit far under the family's sought-after sum.
Jürgen Fitschen and Anshu Jain, the Deutsche Bank co-chief executives, said in a statement reported in The New York Times: “With today's agreement, we are resolving a well-known and long-standing legacy matter. In our judgment, this is in the best interests of our stakeholders. We intend to make further progress in this regard, step-by-step, throughout 2014.”
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