Deutsche Bank reaches settlement with Kirch Group

Deutsche Bank - External

Deutsche Bank announced Thursday that it has reached a settlement with Kirch Group to conclude all legal disputes between the two parties.

The settlement is based on the proposal of the Munich Higher Regional Court from March 2011 and provides for a payment of €775 million, plus interest and a lump-sum reimbursement of costs.

Due to existing provisions this settlement will result in a decrease of the results of approximately €350 million after tax. The charge will be reflected in the fourth quarter 2013 results.

Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: 'With today's agreement, we are resolving a well-known and long-standing legacy matter. In our judgment, this is in the best interests of our stakeholders. We intend to make further progress in this regard, step-by-step, throughout 2014'.

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