Deutsche Bank Sued for Billions Over Vik Fund Currency Losses

Deutsche Bank Sued for Billions Over Vik Fund Currency Losses

  • Posted Tuesday, December 06, 2011 -
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Deutsche Bank Sued for Billions Over Vik Fund Currency LossesBy Kit Chellel at BloombergDec. 5 (Bloomberg) -- Deutsche Bank AG faces a claim that may be worth billions of dollars in a lawsuit with investment fund Sebastian Holdings Inc. over failed foreign exchange transactions.Sebastian said in court papers filed in London that Germanys largest bank allowed a trader to breach currency- trading limits between 2006 and 2008. Sebastian, owned and run by Norwegian investor Alexander Vik, said it suffered losses and missed out on profits worth about $2.5 billion when it had to meet margin calls and close out positions because of the dispute.

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