Deutsche Bank rejects Kirch settlement

Deutsche Bank has rejected a proposal to settle a lawsuit with the family of deceased media mogul Leo Kirch out of court, Germany’s biggest lender said on Thursday.

Deutsche said its management board had thoroughly reviewed a proposal to settle the dispute, which sources told Reuters would have involved a payment of more than €800 million ($1.1 billion).

“Based on this review, which included the consideration of internal and external legal advice, the Board decided without dissent not to accept the settlement proposal,” Deutsche Bank said.

The Kirch family has said Deutsche Bank bore responsibility for the collapse of the Leo Kirch’s media empire.