Deutsche Bank has settled a EUR 500M claim from a Spanish hotel chain over losses suffered on foreign-exchange derivatives, telling Bloomberg when questioned about the status of the lawsuit from Palladium Hotel Group that it has “resolved the matter,” according to Bloomberg’s Arno Schutze. Deutsche Bank did not disclose the charge related to the Palladium settlement, but indicated it is included in “net litigation charges” of about EUR 200M that the bank has put aside for a number of legacy cases. The impact of the settlement is “fully reflected in the guidance on litigation costs we provided for the second quarter,” the bank is quoted as having stated.
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