Deals
Tribune Retirees, Deutsche Bank Sue Shareholders Over Buyout
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Former shareholders of Tribune Co. were sued by a Deutsche Bank AG unit and retirees over claims that the media company’s $8.5 billion leveraged buyout was a fraudulent transfer that pushed it into bankruptcy.
The unit of Frankfurt-based Deutsche Bank sued dozens of shareholders, brokers and other defendants yesterday in at least 11 states on behalf of Tribune’s pre-buyout noteholders. Those creditors and others in the lawsuit are owed at least $2.5 billion that can’t be repaid in full because of the 2007 deal, Deutsche Bank Trust Company Americas said.