Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UPDATE 1-Deutsche Bank, Kirch offered arbitration

Published 09/03/2009, 10:57 AM
Updated 09/03/2009, 11:03 AM
DBKGn
-

* Munich court invites Deutsche, Kirch to arbitration

* Kirch agrees to take part; Deutsche has not yet responded

(Adds detail, background)

FRANKFURT/MUNICH, Sept 3 (Reuters) - Deutsche Bank AG and media mogul Leo Kirch have been asked to take part in an arbitration process, potentially setting the stage for resolving one of the most bitter disputes in corporate Germany.

Leo Kirch has agreed to a request made by a Munich court to take part in the process, a spokesman for Kirch said on Thursday.

Deutsche Bank said it has been asked to enter the arbitration procedure but has yet to respond to the request.

The arbitration procedure will seek to resolve a legal dispute surrounding PrintBeteiligungs GmbH, one of the main companies of the now collapsed Kirch media empire.

Leo Kirch is seeking billions of euros in damages from Deutsche Bank and its former chairman Rolf Breuer, alleging a statement made by Breuer to Bloomberg Television on Feb. 2, 2002 regarding the Kirch Group was in breach of laws and resulted in financial damage.

Kirch holds Deutsche Bank responsible for the collapse of his media empire and has launched suits in the United States and in several different courts in Germany seeking to recoup some of his losses.

Deutsche Bank said it remains confident it could win a legal case against Kirch should legal proceedings continue without being resolved. (Reporting by Philipp Halstrick and Peter Maushagen; Writing by Edward Taylor; Editing by David Holmes)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.