Leo Kirch achieves partial success against Deutsche Bank
The Federal Court of Justice has, in principle, awarded Kirch damages from Deutsche Bank and its former CEO, Rolf Breuer. Breuer is not responsible for the media conglomerate’s bankruptcy as a whole.
The Federal Court of Justice has Kirch
damages against Deutsche Bank and its subsidiaries.
Former CEO Rolf Breuer awarded. For the entire bankruptcy of the
Breuer is not responsible for the media group. Deutsche Bank had
its contractual obligations towards one of its customers - in the
Printbeteiligungs GmbH, in which Kirch holds its share in the
Axel Springer Verlag - was infringed. Any claims by Kirch therefore do not relate to damages suffered by the media group as a whole. The
Federal Court of Justice advises an out-of-court settlement. The
Deutsche Bank was brought before the Federal Court of Justice because it had
claims were considered unfounded. Kirch, on the other hand, had appealed
because, unlike the court of first instance, the Higher Regional Court also
Breuer himself is liable.
The cause of the legal dispute is an interview with the
former Deutsche Bank Board Spokesman Rolf Breuer on February 4
In 2002, Breuer had told a TV station "all the things that can be
and hear about it is that the financial sector is not
is prepared to take on further external or even new loans on an unchanged basis.
to provide own funds." Kirch saw this as
public questioning of his creditworthiness and just made
this statement for the collapse of his group of companies
responsible.
Whether Kirch's Printbeteiligungs GmbH has suffered any damage at all
and to what extent the bank is liable for this will be set out in a new
process must be clarified. Kirch must then prove that he actually
damage has been incurred. Kirch's lawyer currently estimates the damage
600 million to 1.5 billion euros.
damages against Deutsche Bank and its subsidiaries.
Former CEO Rolf Breuer awarded. For the entire bankruptcy of the
Breuer is not responsible for the media group. Deutsche Bank had
its contractual obligations towards one of its customers - in the
Printbeteiligungs GmbH, in which Kirch holds its share in the
Axel Springer Verlag - was infringed. Any claims by Kirch therefore do not relate to damages suffered by the media group as a whole. The
Federal Court of Justice advises an out-of-court settlement. The
Deutsche Bank was brought before the Federal Court of Justice because it had
claims were considered unfounded. Kirch, on the other hand, had appealed
because, unlike the court of first instance, the Higher Regional Court also
Breuer himself is liable.
The cause of the legal dispute is an interview with the
former Deutsche Bank Board Spokesman Rolf Breuer on February 4
In 2002, Breuer had told a TV station "all the things that can be
and hear about it is that the financial sector is not
is prepared to take on further external or even new loans on an unchanged basis.
to provide own funds." Kirch saw this as
public questioning of his creditworthiness and just made
this statement for the collapse of his group of companies
responsible.
Whether Kirch's Printbeteiligungs GmbH has suffered any damage at all
and to what extent the bank is liable for this will be set out in a new
process must be clarified. Kirch must then prove that he actually
damage has been incurred. Kirch's lawyer currently estimates the damage
600 million to 1.5 billion euros.
