FRANKFURT, Jan 22 — Shares in Germany’s biggest lender Deutsche Bank slid today, as the institution dismissed claims for €11 billion (RM51.7 billion) from the plaintiff in a new legal case.
By 1:10 pm (1210 GMT), stock in the financial firm was down 3.1 per cent at €7.73 in Frankfurt, against a DAX index of blue-chip shares down 0.5 per cent.
Shares in Deutsche lost more than half their value over 2018, but are on a positive trend so far in the new year.
The latest round of rumours that wedding bells could be in the offing with rival Commerzbank have helped push Deutsche’s stock price up 11 percent since January 1.
It now faces a case in a Frankfurt regional court claiming €11 billion rom Stuttgart-based former oriental rug trader Hafez Sabet.
Several German courts have already thrown out his case, which demands compensation from Deutsche Bank for allegedly causing his bankruptcy in 2004 by holding too much of his property as collateral for loans.
Sabet claims one of his companies was close to completing development on a new kind of motor that could have been commercialised if he had not gone bankrupt.
The case is “completely unfounded and the amount of damages suggested is absurd,” Deutsche Bank spokesman Tim Oliver Ambrosius told AFP.
He accused Sabet and his lawyers of trying to “grab attention” by “linking a putative claim for billions of euros to our name.”
Deutsche has in recent years paid out billions of dollars in fines and compensation, especially in the United States, over the activities of its investment banking arm. — AFP
Source: The Malay Mail Online