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Tuesday, 14 February 2012
Deutsche Close to Kirch Settlement
It is rumoured that Deutsche Bank is close to reaching a € 800 million settlement with the family of Leo Kirch (who passed away last year).
Mr. Kirch claimed that a television interview with Rolf Breuer (Deutsche’s ex-chairman) caused the collapse of his empire. Mr. Breuer is alleged to have made remarks about the empire’s poor creditworthiness.
Mr. Kirch’s estate is suing for € 3.3 billion in damages.
Deutsche would appear to be seeking to remove legacy issues from its balance sheet as power is about to move from departing CEO, Josef Ackermann, to the new co-heads, Anshu Jain and Jurgen Fitschen.
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