The scandal over the improper trading of derivatives by Deutsche Bank widens. The Palladium hotel group of the Matutes family, which would possibly become one of the most affected, claims 500 million euros for the losses caused to Fiesta Hoteles and other group companies with the sale of very risky derivatives to cover its type risk exchange.
Palladium has had to go to the High Court of England and Wales because the operation was arranged from Deutsche Bank London and submitted to English jurisdiction by being subject to the ISDA framework contract.
Beyond the accusations related to the lack of information and use of the trust relationship with the investment advisor who recommended the products, the basis of the claim would be -as in other cases in which we have successfully advised-, in structuring hidden or unreported costs in restructuring operations.
Although DB denies the largest, the trickle (tsunami this time) of those affected does not stop growing.
We attach the link to the news published by the Financial Times (Olaf Storbeck and Stephen Morris), and to the news from El Confidencial that echoes it.
