Deutsche Bank reaches settlement with Kirch Group
Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) announced today that it has reached a settlement with Kirch Group to conclude all legal disputes between the two parties.
The settlement is based on the proposal of the Munich Higher Regional Court from March 2011 and provides for a payment of €775 million, plus interest and a lump-sum reimbursement of costs. Due to existing provisions this settlement will result in a decrease of the results of approximately €350 million after tax. The charge will be reflected in the fourth quarter 2013 results.
Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: “With today's agreement, we are resolving a well-known and long-standing legacy matter. In our judgment, this is in the best interests of our stakeholders. We intend to make further progress in this regard, step-by-step, throughout 2014."
For further information, please contact:
Deutsche Bank AG
Press & Media Relations
Tel: +49 69-910 32249
Tel: +49 69-910 38079
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 15 April 2013 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.