July 12, 2019 / 12:42 PM / a month ago

Deutsche Bank to pay Vestia 175 million euros settlement in derivatives suit

The headquarters of Germany's Deutsche Bank are photographed in Frankfurt, Germany, July 8, 2019. REUTERS/Kai Pfaffenbach

AMSTERDAM (Reuters) - Dutch housing cooperation Vestia said on Friday Deutsche Bank would pay it 175 million euros ($197 million) to settle claims the German bank had improperly sold it interest rate derivatives.

In a statement on its website, Vestia said it would cancel the suit it had been pursuing against Deutsche Bank at the High Court of Justice in London.

Vestia nearly went bankrupt in 2012 after suffering 2 billion euros in losses on derivatives it had purchased from ABN Amro, Deutsche Bank and other major investment banks as a hedge against rising interest rates.

($1 = 0.8891 euros)

Reporting by Toby Sterling; Editing by Mark Potter

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