BayernLB To Sue F1 CEO Bernie Ecclestone For More Than $550M In Damages

Germany-based financial institute BayernLB "is currently working on a lawsuit against F1 CEO Bernie Ecclestone for more than €400M ($551.7M) in damages," according to the DPA. A BayernLB spokesperson said that the bank "wants to submit the suit to the High Court in London in January." The BayernLB, which held a majority stake in F1, believes that its shares "were sold below value to CVC in '06 due to an agreement between former banker Gerhard Gribkowsky and Ecclestone." Gribkowsky, who is currrently serving an eight-and-a-half-year sentence for bribery, admitted in June '12 that "he paid Ecclestone a commission of $66M for the deal, with $44M secretly going back to him." The commission "is part of the amount the bank is trying to reclaim" (DPA, 12/11).