Deutsche Bank, Breuer Get $1.8 Billion Kirch Suit Dismissed
This article is for subscribers only.
Deutsche Bank AG, Germany’s biggest bank, won dismissal of a 1.3 billion-euro ($1.8 billion) damage suit by businessman Leo Kirch over claims the lender caused his media group’s 2002 bankruptcy.
The Munich Regional Court today rejected the case against the bank and Rolf Breuer, its former chief executive officer. Kirch claimed his media group couldn’t restructure after Breuer questioned its creditworthiness and that, as a result, Kirch had to surrender his 40 percent stake in publisher Axel Springer AG that he had used as collateral for a loan which the lender terminated in April 2002.