Deutsche Bank CEO Accused Of Breaching Fiduciary Duty

Law360, New York (October 20, 2006, 12:00 AM EDT) -- A nasty court battle may be brewing between media baron Leo Kirch and Deutsche Bank CEO Josef Ackermann. Kirch has filed a complaint with German state prosecutors alleging that Ackermann breached his fiduciary duty by granting executives enormous bonuses.

Ackermann once served as a director for Mannesmann, but was forced out after he approved giant severance packages for several Mannesmann executives after Vodafone purchased the company in 2000.

In the complaint filed with prosecutors, Kirch has challenged the legality of a $23 million payment made to...
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