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Business

US Court Rejects Suit Against Deutsche Bank

A US court has thrown out a suit by former German media mogul Leo Kirch against US cable operator Liberty Media and German bank Deutsche Bank for allegedly conspiring to bring about the downfall of Kirch's media empire in 2002, Deutsche Bank said on Tuesday. Kirch had filed a 39-page complaint with a court in New York in January, accusing Deutsche Bank and Liberty Media and their chairmen of plotting the destruction of the Kirch Group in a bid to rid Liberty Media of an unwelcome rival in the German cable television market and secure fat commissions for Deutsche Bank. The court found that Kirch had failed to prove his case and "dimissed (the suit) for failure to state a claim," according to a copy of the ruling made available by Deutsche Bank on Tuesday. The New York lawsuit was part of a long and bitter legal battle between Kirch and Deutsche Bank since the Kirch media empire collapsed in April 2002. The conflict dates back to comments by Deutsche Bank's then chairman Breuer made on television in 2002, in which he publicly questioned the creditworthiness of the Kirch group. Soon afterwards, banks refused to lend Kirch any more money and KirchMedia, the main pillar of the Kirch group, filed for insolvency in April 2002. In December, a Munich court ruled in Kirch's favour, finding that Breuer had violated his duty of client confidentiality. The Munich court ordered Deutsche Bank to pay unspecified compensation to Kirch. (AFP)

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