Deutsche Bank Faces Kirch Claim

January 22, 2007 World Screen

FRANKFURT, January 22: Leo Kirch has reportedly filed a
damages claim worth 1.4 billion euros against Deutsche Bank and its former
chief executive, Rolf Breuer, over comments made in 2002 about the financial
health of KirchMedia.

According to wire reports, the bank has received a letter
from Kirch’s lawyers demanding payment and threatening a lawsuit if the claim
is not paid by the end of this month. “The claims have no substance and we'll
vigorously counter any legal action,'' Deutsche Bank spokesman Ronald Weichert
is quoted as saying.

The claim follows the decision by a German court last year
that Breuer was wrong to question the creditworthiness of KirchMedia. Breuer’s
comments in February 2002 on Bloomberg TV came just a few months before the
German media empire collapsed.