Deutsche Bank ended its decade-long battle with the heirs of late media mogul Leo Kirch on Thursday, closing one of Germany's most acrimonious corporate battles in a deal that will cost the country's largest lender about 900 million euros ($1.24 billion).
The deal concludes all legal disputes between Kirch and Deutsche Bank and helps to shorten a long list of claims, investigations and fines hanging over the bank.
Co-Chief Executives Anshu Jain and Juergen Fitschen are trying to clear the decks of "legacy issues" as they reshape the bank to meet more stringent regulatory demands and tougher markets.
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"We intend to make further progress in this regard, step by step, throughout 2014," the two CEOs said in a statement.