U.S. Markets open in 6 hrs 34 mins

German banker pulls appeal in F1 bribe case

BERLIN (AP) -- A German court says a banker has withdrawn his appeal against his conviction last year for taking an illegal payment worth $44 million in connection with the sale of his bank's stake in the Formula One racing series.

Gerhard Gribkowsky was sentenced to 8 1/2 years in prison after being found guilty of corruption, tax evasion and breach of trust.

The racing series' boss, Bernie Ecclestone, has said he felt pressured into paying because he worried Gribkowsky would report him to British tax authorities for "things" that would cost him dearly. The billionaire is himself under investigation in the case, but hasn't been charged.

Germany's Federal Court of Justice said Friday that Gribkowsky and prosecutors have both withdrawn appeals they filed. It didn't say what prompted them to do so.