Deutsche Bank AG has agreed to pay about five million euros ($6.7 million) to settle a wrongful-dismissal lawsuit brought by the former head of investor relations it accused last year of helping to spearhead a spying operation against a shareholder and others, according to a person familiar with the matter.
Deutsche Bank confirmed that it had settled the case involving the former executive, Wolfram Schmitt, as well as a related lawsuit brought by its former head of security, Rafael Schenz. The two have declined to comment on the bank's allegations against them.
A spokesman for the bank declined to discuss the terms of the settlements. The two men had sued Deutsche Bank in a Frankfurt labor court, arguing that they had been unfairly dismissed for their alleged role in the bank's spying activities.
Deutsche Bank said last year that it had hired detectives on four occasions to investigate and gather information on several individuals, including a shareholder and a journalist, among others.
The incident that received the most attention involved Michael Bohndorf, a gadfly shareholder who had sued Deutsche Bank a number of times on corporate-governance grounds.
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