Whilst it is wrong that superinjunctions were brought in over that, it is also deeply wrong that papers should be able to make money out of a situation of that kind. After all, if Giggs had been going around making money out of being a clean-cut and loyal family man, then you could at least make the argument that exposing his hypocrisy was justified and necessary (as it would be, IMHO). However when someone - even a celeb - has something bad happen to them, then the papers should really have to present evidence / compelling reasons as to why they should be justified in making money out of that.
As for Der Sturmer, of course there is a much different scale involved but there are parallels with modern media - after all, as both Peter Oborne and Nick Davies have said in their books, the worst examples of mendacity from the press in the UK over recent years did not come from stories they had made up, but rather came from stories the Government had made up, which the press then repeated.