Deutsche Bank Sinks $1B Kirch Settlement

Law360, New York (March 2, 2012, 3:27 PM EST) -- Deutsche Bank AG on Thursday rejected a reported €800 million ($1.06 billion) deal to end litigation brought by now-deceased German media mogul Leo Kirch and his associates, who accused the bank's onetime CEO of triggering the collapse of Kirch's conglomerate.

The bank said in a statement that its management board had thoroughly reviewed the proposal with the aid of internal and external legal advice and declined to accept it without dissent.

The decision is a blow to current Deutsche Bank CEO Josef Ackermann, who brokered the...
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