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SBD Global/August 11, 2014/Leagues and Governing Bodies
Focus Shifts Back To Future Of F1 After End Of Bernie Ecclestone Bribery Trial
Published August 11, 2014
BANK REJECTS OFFER: ESPN reported German bank BayernLB "rejected a settlement offer" of $33M from Ecclestone. Earlier this week "a Munich court dropped a bribery case against Ecclestone" in exchange for a $100M payment. A spokesperson for the bank said, "BayernLB has rejected Mr. Ecclestone's settlement offer." The bank's next step "remains to be seen, though options available are civil proceedings or negotiate a bigger settlement from Ecclestone." Ecclestone's lawyer in Munich "declined to comment" (ESPN, 8/9). The AP reported BayernLB "has been keeping open the option of civil proceedings" against Ecclestone. The bank "did preparatory work on a damages claim" against Ecclestone late last year, but did not "file it." Ecclestone's lawyers offered to pay the public-sector bank €25M ($33M), though they said that "damage to the company wasn't evident" (AP, 8/8).