One of Spain’s biggest hotel groups is suing Deutsche Bank for €500m in damages over the alleged mis-selling of risky foreign exchange derivatives that it says left it with crippling losses.
The claim, which was filed last month to the High Court in London, is the latest escalation in a scandal involving accusations that Deutsche sold exotic financial products to small- and medium-sized companies in Spain, pushing some into financial distress.
Some alleged victims are companies that are part of the Ibiza-based Palladium Hotel Group, Spain’s seventh-largest hotel chain, which claims that Deutsche took advantage of its naivety to sell it derivatives that it did not understand.
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