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Deutsche Bank says Monte Paschi damages claim "without merit"
March 13, 2013 / 7:01 PM / 5 years ago

Deutsche Bank says Monte Paschi damages claim "without merit"

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

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013. REUTERS/Stefano Rellandini

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 vigorously 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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