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FRANKFURT (Reuters) – Deutsche Financial institution (DE:) stated on Wednesday that it could vigorously defend itself towards 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 line with a report within the Monetary Occasions on Wednesday is suing Deutsche for 500 million euros ($577.45 million) in damages following the sale of international trade derivatives.
Deutsche Financial institution has been investigating the potential mis-selling of dangerous funding financial institution merchandise to prospects in Spain and elsewhere, Reuters reported earlier this yr.
“Palladium’s declare is with out basis and we will likely be vigorously defending ourselves towards it. Palladium is a complicated investor with intensive 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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