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Deutsche Bank says Monte Paschi damages claim "without merit"
March 13, 2013 / 6:41 PM / 5 years ago

Deutsche Bank says Monte Paschi damages claim "without merit"

MILAN, March 13 (Reuters) - Deutsche Bank said on Wednesday damage claims filed by Italy’s Monte dei Paschi di Siena over a derivative trade were “entirely without merit”, vowing to defend itself vigourously.

A judicial source told Reuters last week the world’s oldest bank was seeking at least 500 million euros in damages from Deutsche Bank and two former Monte dei Paschi executives over a loss-making 2008 trade known as “Santorini”.

“We will defend ourselves vigourously against any claims for damages made by the client before the Tribunal of Florence,” Deutsche Bank said in a statement. (Reporting By Silvia Aloisi; Editing by Lisa Jucca)

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