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article imageDeutsche Bank settles with Kirch heirs after long battle

By AFP     Feb 20, 2014 in Business

Deutsche Bank, Germany's largest lender, said Thursday it will pay 775 million euros to settle a long-running legal battle over the collapse of the media empire of the late Leo Kirch.

The payment would result in a decrease of around 350 million euros in the bank's net profit, which the banks said would be reflected in the fourth quarter 2013 results.

"With today's agreement, we are resolving a well-known and long-standing legacy matter," said Deutsche Bank's two chief executives Juergen Fitschen and Anshu Jain.

"In our judgment, this is in the best interests of our stakeholders. We intend to make further progress in this regard, step-by-step, throughout 2014," they said.

In a long and bitter legal battle dating back to 2002, Leo Kirch, who died in 2011 at the age of 84, had been suing Deutsche Bank for more than 3.0 billion euros.

Kirch claimed that former Deutsche Bank chief executive Rolf Breuer was responsible for his downfall after he openly questioned creditworthiness in a television interview.

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