Court rejects claim by ex-media mogul Kirch against Deutsche Bank
Media entrepreneur Leo Kirch sued Deutsche Bank on Tuesday for 3.5 billion euros in damages for the bankruptcy of his corporate group in one of the largest lawsuits in German economic history. However, on the very first day of the trial, the Munich Regional Court dismissed part of the lawsuit by default.
On Tuesday, media entrepreneur Leo Kirch sued Deutsche Bank for 3.5 billion euros in damages for the bankruptcy of his group of companies in one of the largest lawsuits in German economic history. However, on the first day of the trial, the Munich Regional Court rejected part of the claim by default, as Kirch's lawyers had not submitted any motions for part of the claims at the start of the trial.
Kirch accuses Deutsche Bank that his insolvency in 2002 was triggered by a statement made by former Deutsche Bank CEO Rolf Breuer. Breuer had questioned Kirch's creditworthiness in an interview a few months before the bankruptcy.
However, Deutsche Bank reiterated that there was no causal link between Breuer's comments and the insolvency. Kirch's company had already been over-indebted before the interview in February 2002. Kirch and Breuer did not appear in court and were represented by lawyers. After several hours of hearings, the court set a date for March 10, 2009.
Kirch used to be one of the most powerful media entrepreneurs in Germany, having built up a group of companies with around 10,000 employees. Kirch Media, which included the television stations Pro Sieben, Sat.1 and N24, was at the heart of the group. The collapse of the group was one of the biggest economic bankruptcies in Germany.
Kirch accuses Deutsche Bank that his insolvency in 2002 was triggered by a statement made by former Deutsche Bank CEO Rolf Breuer. Breuer had questioned Kirch's creditworthiness in an interview a few months before the bankruptcy.
However, Deutsche Bank reiterated that there was no causal link between Breuer's comments and the insolvency. Kirch's company had already been over-indebted before the interview in February 2002. Kirch and Breuer did not appear in court and were represented by lawyers. After several hours of hearings, the court set a date for March 10, 2009.
Kirch used to be one of the most powerful media entrepreneurs in Germany, having built up a group of companies with around 10,000 employees. Kirch Media, which included the television stations Pro Sieben, Sat.1 and N24, was at the heart of the group. The collapse of the group was one of the biggest economic bankruptcies in Germany.
