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- A Spanish hotel chain is seeking €500M ($577M) in damages from Deutsche Bank (NYSE:DB), Germany's largest lender, over sales of risky foreign exchange derivatives, the Financial Times reports.
- Palladium Hotel Group alleges that the bank sold it exotic derivatives that the hotel chain's management didn't understand and leaving it with large losses.
- Deutsche Bank (DB) told the FT it would defend itself "vigorously" against the claim, which it says is "without foundation."
- The complaint, filed in a London court last month, is the most recent of a string of accusations that Deutsche Bank (DB) peddled exotic financial instruments to small and medium-sized companies in Spain, and pushed some into financial hardship, the FT said.
- Previously (Aug. 27) Deutsche Bank's DWS denies claims it overstated ESG assets