Deutsche Bank Loses First German High Court Case Over Swaps
This article is for subscribers only.
Deutsche Bank AG, Germany’s biggest bank, lost a case over interest-rate swaps in the first ruling by Germany’s highest court concerning sales of the products that have spurred lawsuits against lenders throughout Europe.
The bank must pay Ille Papier Service GmbH 541,074 euros ($770,000) plus interest over the swap purchase, Federal Court of Justice Presiding Judge Ulrich Wiechers said. The bank didn’t adequately disclose the risks of the products, he said.