Report: Ecclestone, German bank suing each other over sale of F1 stake

The financial news agency reports that Ecclestone and Bayerische Landesbank have filed lawsuits against each other in the U.K. and Germany in a fight over the 2005 sale to CVC Capital Partners of the lender's stake in F1 that led to Ecclestone's indictment on bribery charges, which he settled earlier this year by paying a $100m fine. The settlement included no finding of guilt. However, the bank maintains that the purchase agreement for the sale of the shares "was closed on terms which were given by Mr. Ecclestone and were detrimental to the bank," according to a statement by BayernLB spokesman Matthias Luecke.

The bank is now seeking 345 million euros ($423 million), plus interest, in a suit filed in Munich, while Ecclestone filed a separate lawsuit against the lender in London, according to court records.

Bloomberg analysts suggest the dueling lawsuits may be attempts by Ecclestone and BayernLB to establish jurisdiction over the dispute in their home countries. Previous talks to settle the matter haven't led to an agreement.