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BayernLB files law suit against Ecclestone
– German bank BayernLB has confirmed that it has filed a law suit against Bernie Ecclestone in relation to the sale of Formula 1 in 2006.BayernLB claims that it lost out when its stake in the sport was sold to CVC Capital Partners eight years ago."BayernLB has filed a law suit against Mr. Ecclestone, the family foundation Bambino and others and is asking for damages of 345 million [$423 million] plus interest," a BayernLB spokesman is quoted by Reuters."When the bank's stake in Formula One was sold in 2005 and 2006 a board member was bribed. The sales contract was not negotiated, but it was finalised at terms dictated by Mr. Ecclestone, which were disadvantageous for...
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