Deutsche Bank sued over currency losses

Deutsche Bank sued over currency losses
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First Published: Mon, Dec 05 2011. 09 26 PM IST

By Bloomberg
By Bloomberg
Updated: Mon, Dec 05 2011. 09 26 PM IST
By Bloomberg
London: Deutsche Bank AG faces a claim that may be worth billions of dollars in a lawsuit with investment fund Sebastian Holdings Inc. over failed foreign exchange transactions.
Sebastian said in court papers filed in London that Germany’s largest bank allowed a trader to breach currency-trading limits between 2006 and 2008.
Sebastian, owned and run by Norwegian investor Alexander Vik, said it suffered losses and missed out on profits worth about $2.5 billion when it had to meet margin calls and close out positions because of the dispute.
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First Published: Mon, Dec 05 2011. 09 26 PM IST