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Deutsche Bank vows vigorous defence in lawsuit by Spanish hotel group


FRANKFURT, Oct 13 (Reuters) – Deutsche Bank (DBKGn.DE) mentioned on Wednesday that it will vigorously defend itself in opposition to a lawsuit by a Spanish hotel group claiming losses on derivatives merchandise.

The assertion is in response to a lawsuit by Palladium Hotel Group, which in line with a report in the Financial Times on Wednesday is suing Deutsche for 500 million euros ($577.45 million) in damages following the sale of international change derivatives.

Deutsche Bank has been investigating the attainable mis-selling of dangerous funding financial institution merchandise to prospects in Spain and elsewhere, Reuters reported earlier this 12 months. learn extra

“Palladium’s claim is without foundation and we will be vigorously defending ourselves against it. Palladium is a sophisticated investor with extensive experience of using derivatives,” Deutsche Bank mentioned in a press release.

Executives at Palladium didn’t instantly reply to requests for remark.

($1 = 0.8659 euros)

Reporting by Tom Sims; modifying by Maria Sheahan and Jason Neely

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