VIDEO: Deutsche Bank Reaches Billion Dollar Settlement Over Kirch Bankruptcy

After more than a decade of legal battles, Deutsche Bank on Thursday announced it had reached a settlement with the heirs of late media mogul Leo Kirch that will see the bank pay out more than $1 billion in damages. The bank said it will pay a lump sum of $1.06 billion plus interest and a reimbursement of legal costs to Kirch’s heirs, ending the biggest suit in the German media industry. The suit was linked to the collapse of Kirch’s KirchMedia group, which went bust in 2002, marking the largest ever bankruptcy in post-war Germany. Kirch blamed the collapse on then Deutsche Bank CEO Rolf Breuer who publicly questioned KirchMedia’s credit worthiness in a 2002 interview on Bloomberg TV. At the time, Deutsche Bank was one of KirchMedia’s main creditors.

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VIDEO: Deutsche Bank Reaches Billion Dollar Settlement Over Kirch Bankruptcy

VIDEO: After Rejecting UAW, VW Workers May Still Get Works Council

Workers at Volkswagen AG’s Chattanooga, Tennessee, plant may have voted against joining the United Auto Workers union last week but they may still gain some representation in the company through the formation of a works council. The power of such a council, which would be a first of its kind in the United States, would be very limited under U.S. labor law. It could be consulted only on some limited matters rather than negotiate with management on working conditions. And some labor experts say if the workers want to participate in a works council they may have to set up their own independent union to avoid the perception of a company-organized union, which is not allowed under the law.

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VIDEO: After Rejecting UAW, VW Workers May Still Get Works Council

VIDEO: Siemens Sees Infrastructure Business Reaching Margin Target

German engineer Siemens expects its Infrastructure & Cities business, which has been hit by project delays and restructuring, to reach its profitability target this financial year, it said on Wednesday.There has been speculation, brushed off by Siemens’ new chief executive Joe Kaeser, that the group might dismantle the I&C business after its performance fell well short of expectations.

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VIDEO: Siemens Sees Infrastructure Business Reaching Margin Target