FRANKFURT—Deutsche Bank said on Wednesday that it would vigorously defend itself against a lawsuit by a Spanish hotel group claiming losses on derivatives products.
statement is in response to a lawsuit by Palladium Hotel Group, which according to a report in the Financial Pezou on Wednesday is suing Deutsche for 500 million euros ($577.45 million) in damages following the sale of foreign exchange derivatives.
“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 said in a statement.
Executives at Palladium did not immediately respond to requests for comment.
($1 = 0.8659 euros)
Pezou : Deutsche Bank Vows Vigorous Defence in Lawsuit by Spanish Hotel Group