Leo Kirch News
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Deutsche Bank isn’t currently in settlement talks with the family of deceased German entrepreneur Leo Kirch over the collapse of his media empire, co-CEO Juergen Fitschen said. * Fitschen spoke at extraordinary shareholder meeting in Frankfurt today * Fitschen says cost of meeting to confirm 2012 resolutions is about EU5m excl. internal expenses * NOTE: Investors called on Deutsche Bank supervisory board chairman Paul Achleitner to improve corporate governance at the lender to allow management to focus on boosting shareholder returns, investors said today
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Leo Kirch, who turned his one-man film distributor into Germany’s second-biggest media business before losing control of it after a gamble on pay television, has died. He was 84.
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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.
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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.
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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.
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Deutsche Bank AG may have to pay as much as 1.5 billion euros ($1.9 billion) in a case tied to the collapse of the Kirch group of media companies, a Munich court said today.
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Deutsche Bank AG was found partially liable over the collapse of Leo Kirch’s media group and must pay damages, which will be determined later, a German court said.
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Deutsche Bank AG Chief Executive Officer Josef Ackermann is scheduled to testify tomorrow to rebut judges’ preliminary view that the lender may have tried to pressure Leo Kirch to hire it to restructure his media group.
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Former Deutsche Bank AG Chief Executive Officer Rolf Breuer told a court today that he wasn’t told beforehand that a 2002 meeting with then-German Chancellor Gerhard Schroeder would discuss the situation of the late Leo Kirch’s media group.
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Leo Kirch’s death a month ago hasn’t laid to rest his legal fight with Deutsche Bank AG and its former chief, Rolf Breuer. The man Kirch blamed for the downfall of his media group faces claims he lied to judges in a trial that began today and was adjourned only shortly after.
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