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Report: Former CEO to pay Deutsche Bank for Kirch-related damages

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Report: Former CEO to pay Deutsche Bank for Kirch-related damages

Deutsche BankAG said March 31 that it will receive €3.2 million in damages from formerCEO Rolf Breuer and a net €90.1 million from insurance contracts coveringBreuer, Bloomberg News reported the same day.

This follows a settlement reached March 10 and March 11between the parties for comments Breuer made in a 2002 Bloomberg interview thatled to a legal dispute for the bank, the newswire reported. The bank is seekinginvestor approval for the settlement at its May 19 annual shareholder meeting,according to the report.

Breuer's comments questioning Kirch group's creditworthinesswere central to the legal challenge Leo Kirch's heirs and associates mountedagainst the bank over the collapse of the media group and resulted in a €927.9million payout from the bank in 2014, according to Bloomberg. Breuer reportedly told aMunich court in 2015 that he did not intend to cause any harm in the interview.