Mubasher: Deutsche Bank would pay EUR 175 million ($197 million) to housing provider Vestia, to settle a lawsuit based on claims that the lender improperly sold the Dutch company interest rate derivatives, Bloomberg reported.
Under the deal, which would end a long-running court battle, Vestia would cancel the case it has been pursuing against the German bank at the High Court of Justice in London.
Vestia sought EUR 840 million in damages to regain some of the losses after the housing firm nearly went bankrupt in 2012 after enduring EUR 2 billion in losses on derivatives it had bought from Deutsche Bank and other major banks.
“With this settlement agreement, this dispute between Vestia and Deutsche Bank comes to an end,” the bank said in a statement, noting that the sum is “substantial amount and makes a good contribution to the financial recovery.”
The Vestia case started in early May and had been scheduled to end 18 July.