Court Rules Deutsche Bank Must Pay Kirch

An appeals court in Munich ruled on Wednesday that banking giant Deutsche Bank must pay damages to fallen media mogul Leo Kirch that could reach €100 million ($122 million). In his suit, Kirch claimed that comments made by the bank’s chief executive in early 2002 contributed to the demise of his group. The Munich court concurred. Before it ran out of money, Kirsch was a giant in Germany’s commercial television business. The company filed for insolvency in April after banks withdrew their backing from the company in April 2002. The filing came after Deutsche Bank supervisory board chairman Rolf Breuer questioned the company’s creditworthiness in a television interview. The judges ruled that Deutsche Bank was required to be more discreet about its client, and that damages were justified. The court’s decision is final and not subject to appeal. Deutsche Bank offered no comment on the ruling.