Kirch probe clears Deutsche Bank managers

Deutsche Bank - Foyer Bridge

Frankfurt prosecutors dropped an investigation of Deutsche Bank’s leadership saying they found no evidence the executives acted illegally when they settled a lawsuit by heirs of Leo Kirch for $1bn.

Bloomberg News reports that the officials opened a case earlier this year after shareholder Michael Bohndorf filed a criminal complaint claiming the management board in February 2014 wasted the bank’s money by settling. The inquiry is separate from an ongoing criminal trial in Munich.

Kirch, who died in 2011, and his heirs had been fighting Deutsche Bank ever since former Chief Executive Officer Rolf Breuer questioned his creditworthiness in a 2002 Bloomberg TV interview. Kirch’s media group filed for insolvency in the following months and Kirch claimed Breuer’s comments caused its demise.

Prosecutors never disclosed the names of the subjects of the breach-of-trust inquiry tied to the settlement, but said they were management board members responsible for the deal.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank Managers Cleared in Frankfurt Kirch-Deal Probe

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