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Deutsche Financial institution vows vigorous defence in lawsuit by Spanish resort group By Reuters

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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 might vigorously defend itself in opposition to a lawsuit by a Spanish resort group claiming losses on derivatives merchandise.

The assertion is in response to a lawsuit by Palladium Resort Group, which in keeping 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 alternate 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 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 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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