Deutsche Bank settles legal dispute with Kirch group

The largest bank in Germany, Deutsche Bank, announced Thursday announced that it had settled a long-standing legal dispute with Kirch Group.

The bank agreed to pay 775 million euros ($1,063 million), plus interest and a lump-sum reimbursement of costs to end the dispute, reported Xinhua.

"With today's agreement, we are resolving a well-known and long-standing legacy matter. In our judgement, this is in the best interests of our stakeholders. We intend to make further progress in this regard, step-by-step, throughout 2014," said Juergen Fitschen and Anshu Jain, Co-Chief Executive Officers of the Deutsche Bank.

The bank settled all legal disputes with Kirch Group based on the proposal of the Munich Higher Regional Court from March 2011.

"The charge will be reflected in the fourth quarter 2013 results," said the bank in a statement.

In 2002, the then chief executive officer of the Deutsche Bank Rolf Breuer said in a television interview that it seemed financial institutions would not probably lend money to Kirch group, which collapsed later.

The late media mogul Leo Kirch and his heirs sued the Deutsche Bank.