The agreement, by which Breuer will pay a fine of 350,000 euros, does not mean that 74-year-old Breuer is pleading guilty and he will not have any criminal record because of it.
Deutsche Bank ex-Chairman settles fraud trial in Munich
MUNICH (Reuters) - Former Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) Chairman Rolf Breuer agreed to make a non-penal payment of 350,000 euros ($456,600) to have fraud charges dropped that were brought against him as part of a legal dispute initiated by the late Leo Kirch.
A Munich court agreed to the procedure, a way to end a corporate dispute in Germany without a criminal conviction if both sides agree.
The agreement, by which Breuer will pay a fine of 350,000 euros, does not mean that 74-year-old Breuer is pleading guilty and he will not have any criminal record because of it.
Kirch, who died at age 84 in July, sought for years to recoup about 2 billion euros in damages from Deutsche Bank and Breuer for allegedly causing the downfall of his media empire Kirch Group.
Kirch said Breuer triggered Kirch Group's downfall by questioning the creditworthiness of his media empire in a 2002 Bloomberg Television interview. The trial in Munich continued after Kirch's death.
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(Reporting by Christian Kraemer; Writing by Maria Sheahan; Editing by Mike Nesbit)
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