In the latest development in the ongoing saga of German media giant Kirch Gruppe, chairman Leo Kirch has filed a lawsuit at a Frankfurt court against the head of one of the group’s biggest creditors, Deutsche Bank.
The media mogul, together with a unit of the Kirch Beteiligung investment arm of his empire, is suing over comments made earlier this year by DB’s outgoing chairman Rolf Breuer, who in February cast doubt on the media group’s financial wellbeing in a TV interview. Kirch is planning a civil claim for hundreds of millions of euros in damages.
The bank – which professed itself “relaxed” at news of the lawsuit – has been dogged by allegations that its main interest was to provoke the collapse of Kirch in a manner beneficial to its clients, Bertelsmann and Axel Springer.
Data sourced from: Financial Times; additional content by WARC staff