Mogul ups claim against Deutsche Bank
Teutonic media mogul Leo Kirch has more than doubled his damages claim against Deutsche Bank to E3.1 billion ($4.6 billion) in connection with the bank’s role in the 2002 collapse of his vast media empire.
According to Munich-based daily Sueddeutsche Zeitung, 81-year-old Kirch has filed a second suit against Deutsche Bank, blaming it for the loss of his stakes in TV group ProSiebenSat1.
Last summer, Kirch filed a claim with the same court, demanding $2.4 billion from Deutsche Bank for the loss of his stake in print publisher Axel Springer.
Two years ago, Germany’s supreme court found that Deutsche Bank was partially responsible for the bankruptcy of Kirch’s media empire and liable for damages. The court ruled that bank topper Rolf Breuer violated client confidentiality in a TV interview he gave in early 2002 in which he cast doubt on Kirch’s credit-worthiness while his company was struggling under a mountain of debt.