Report - Deutsche Bank will seek compensation from ex-CEO

Deutsche Bank - External

Deutsche Bank will seek compensation from former chief executive Rolf Breuer for a costly out-of-court settlement reached earlier this year with the heirs of the Kirch media empire, according to a report in the newspaper Die Welt.

Reuters reports that the bank's supervisory board this week decided to seek compensation from Breuer, the newspaper reported, adding that the bank still expected to pay most of the settlement itself.

'The large part of the settlement will definitely stay stuck with the bank', the paper said, quoting a person familiar with the supervisory board discussions.

Deutsche needs to seek compensation from Breuer before so-called directors and officers' liability insurance can play a role in covering some of the settlement charges, the paper said.

In February, Deutsche Bank ended a 12-year battle with the heirs of media mogul Leo Kirch, closing one of Germany's most acrimonious corporate disputes in a deal costing the bank about $1.24bn.

Kirch, who died in 2011, blamed the bank for his group's demise.

To access the complete Reuters article hit the link below:

Deutsche Bank seeks compensation from ex-CEO in Kirch case - newspaper

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