Deutsche Bank Damages Up To Two Billion In KirchMedia Case

A German appellate court has ruled that the comments of Deutsche Bank’s CEO led, in part, to the bankruptcy of KirchMedia, the former media conglomerate, and thus, the Bank must pay damages of up to 2 billion dollars to the estate of the company’s founder, who died last year. DB was the company’s main creditor at the time of CEO Ralf Breuer’s 2002 comments to Bloomberg TV, during which he “questioned Kirch’s creditworthiness.” The company filed for bankruptcy two months after Breuer’s comments.

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