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Deutsche Bank vows vigorous defence in lawsuit by Spanish hotel group By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: The brand of Deutsche Financial institution is pictured on an organization’s workplace in London, Britain July 8, 2019. REUTERS/Simon Dawson

FRANKFURT (Reuters) – Deutsche Financial institution (DE:) stated on Wednesday that it will vigorously defend itself in opposition to a lawsuit by a Spanish lodge group claiming losses on derivatives merchandise.

The assertion is in response to a lawsuit by Palladium Lodge Group, which in accordance with a report within the Monetary Instances on Wednesday is suing Deutsche for 500 million euros ($577.45 million) in damages following the sale of overseas alternate derivatives.

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

“Palladium’s declare is with out basis and we will likely be vigorously defending ourselves in opposition to it. Palladium is a complicated investor with in depth expertise of utilizing derivatives,” Deutsche Financial institution stated in an announcement.

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

($1 = 0.8659 euros)

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