Deutsche Bank reaches €775m settlement with Kirch heirs

Thursday 20 February 2014 13.17
Settlement with Kirch heirs announced
Settlement with Kirch heirs announced

Deutsche Bank today said it had reached a settlement with the heirs of late media mogul Leo Kirch.

The move ends an acrimonious legal battle that has dogged German's largest bank for more than a decade.

The deal concludes all legal disputes between the two parties resulting in a payment of €775m, plus interest, and a lump-sum reimbursement of costs, Deutsche Bank said.

Deutsche Bank said it will take a charge in the fourth quarter 2013. The settlement will result in a decrease of the results of approximately €350m after tax, Deutsche said.

Kirch, who died in 2011, had claimed that ex-Deutsche chief executive and later Chairman Rolf Breuer triggered his media group's downfall by questioning its creditworthiness in a 2002 television interview. 

Kirch sought for years to recoup about €2 billion in damages.