Deutsche Bank AG faces two separate court battles this week in its nine-year, 3.3 billion-euro ($4.5 billion) feud with Leo Kirch , highlighted by appearances by the lender’s former Chief Executive Officer Rolf Breuer and Kirch.
Deutsche Bank AG will pay about 925 million euros ($1.27 billion) to settle a 12-year-old dispute with the heirs of Leo Kirch over the collapse of his media group, according to two people familiar with the matter.
Deutsche Bank AG’s Frankfurt headquarters were raided today as part of a new probe of fraud allegations related to lawsuits filed by the late Leo Kirch while the third top executive was put under investigation.
Ruth Kirch, the 87-year-old wife of the late Leo Kirch, took the initiative to reach the 928 million-euro ($1.28 billion) settlement with Deutsche Bank AG after at least three failed attempts in previous years, according to the agreement.
Businessman Leo Kirch hasn’t yet shown he incurred 2 billion euros ($2.8 billion) in damages as a result of his media group’s 2002 bankruptcy, which he claims was the result of comments on the company’s creditworthiness by Deutsche Bank AG ’s former Chief Executive Officer Rolf Breuer , an appeals court said.
Deutsche Bank AG rejected a 775 million-euro ($1.1 billion) settlement proposed last month by a Munich court that may have ended a nine-year dispute with Leo Kirch over the collapse of his media group, two people familiar with the case said.