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Deutsche Bank reaches 775 mln euro settlement with Kirch heirs

Thursday, 20 Feb 2014 | 7:16 AM ET

FRANKFURT, Feb 20 (Reuters) - Deutsche Bank on Thursday said it had reached a settlement with the heirs of late media mogul Leo Kirch, ending an acrimonious legal battle that has dogged German's largest bank for more than a decade.

The deal concludes all legal disputes between the two parties resulting in a payment of 775 million euros plus interest and a lump-sum reimbursement of costs, Deutsche Bank said.

Deutsche Bank said it will take a charge in the fourth quarter 2013. The settlement will result in a decrease of the results of approximately 350 million euros after tax, Deutsche said.

Kirch, who died in 2011, had claimed that ex-Deutsche chief executive and later Chairman Rolf Breuer triggered his media group's downfall by questioning its creditworthiness in a 2002 television interview. Kirch sought for years to recoup about 2 billion euros ($2.7 billion) in damages.