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Deutsche Bank pledges strong defense in proceedings by Spanish hotel group By Reuters

© Reuters. File Photo: The Deutsche Bank logo is drawn on July 8, 2019 in the office of a company in London, England. REUTERS / Simon Dawson

Frankfurt (Reuters)- Deutsche Bank (DE :) said Wednesday that it would actively defend against a lawsuit by a Spanish hotel group alleging the loss of derivative products.

The statement responds to a proceeding by the Palladium Hotel Group, which is suing Germany for € 500 million ($ 577.45 million) in damages after the sale of foreign exchange derivatives, according to a report by the Financial Times on Wednesday.

Deutsche Bank is investigating the possibility of mis-selling high-risk investment banking products to customers in Spain and elsewhere, Reuters reported earlier this year.

“Palladium’s allegations are unfounded and willing to defend. Palladium is a sophisticated investor with extensive experience in using derivatives,” Deutsche Bank said in a statement.

Palladium executives did not immediately respond to requests for comment.

($ 1 = 0.8659 euros)

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Deutsche Bank pledges strong defense in proceedings by Spanish hotel group By Reuters

https://www.investing.com/news/stock-market-news/deutsche-bank-vows-vigorous-defence-in-lawsuit-by-spanish-hotel-group-2642165 Deutsche Bank pledges strong defense in proceedings by Spanish hotel group By Reuters

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