FRANKFURT, Oct 13 (Businesshala) – Deutsche Bank (DBKGn.DE) said on Wednesday it would vigorously defend itself against a lawsuit by a Spanish hotel group claiming damages over derivatives products.
The statement is in response to a lawsuit by Palladium Hotel Group, which is suing Deutsche for 500 million euros ($577.45 million) in damages after the sale of foreign currency derivatives, according to a report in the Financial Times on Wednesday.
Deutsche Bank is investigating possible misselling of risky investment bank products to customers in Spain and elsewhere, Businesshala reported earlier this year.
“The Palladium claim is unfounded and we will vigorously defend ourselves against it. Palladium is a sophisticated investor with extensive experience using derivatives,” Deutsche Bank said in a statement.
Palladium officials did not immediately respond to requests for comment.
($1 = 0.8659 Euro)