Ecclestone sued for 345 million euros by German bank

Formula One chief executive Bernie Ecclestone had a bribery case dropped back in August.

German state bank BayernLB is suing Bernie Ecclestone and his family holding Bambino for around 345 million euros ($422 million) in relation to the sale of its stake in Formula One.

News agency dpa says BayernLB announced the move in Munich on Friday.

The bank rejected a 25-million-euro ($31 million) settlement offer from Ecclestone in August, after a Munich court dropped a bribery case against the 83-year-old Englishman.

BayernLB claims the purchase contract was terminated in 2005 under conditions "that were set by Mr. Ecclestone and were detrimental to the bank."

The charges in the now-closed bribery trial centered on a $44-million payment by Ecclestone to former BayernLB executive Gerhard Gribkowsky, who is serving an 8 1/2-year sentence for taking the money.