Deutsche Bank has vowed strong defense in the case of Spanish hotel group Buy Reuters

8 Reuters file photo: Deutsche Bank logo depicted at a company office in London, UK July 8, 2019 RE Reuters / Simon Dawson

Frankfurt (Reuters) – Deutsche Bank (DE 🙂 said Wednesday it would vigorously defend itself against a lawsuit by a Spanish hotel group claiming damages in derivative products.

The statement came in response to a lawsuit filed by Palladium Hotel Group, which is seeking compensation of 500 million euros (57 577.45 million) against Deutsche after the sale of foreign currency derivatives, according to a report in the Financial Times on Wednesday.

Reuters reported earlier this year that Deutsche Bank was investigating possible misappropriation of risky investment bank products to customers in Spain and elsewhere.

Deutsche Bank said in a statement: “Palladium’s claim is baseless and we will strongly defend ourselves against it.

Palladium officials did not immediately respond to a request for comment.

(1 = 0.8659 euros)

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