Diamond Heir Claims $1.3bn From Deutsche

The Times reports that an American diamond heir is suing Deutsche Bank for $1.3bn, claiming that priceless diamonds have disappeared from a trust under the German bank's control.

Bruce Winston, scion of Harry the so-called 'King of Diamonds', alleges that Deutsche has mismanaged the trust established after his father's death in 1978 and claims that gems and cash worth around $700m have simply disappeared. His $1.3bn claim includes interest.

Bankers Trust, acquired by Deutsche in 1999, was the original trustee of the estate.

According to the newspaper, Winston has said: 'Although we, of course, are interested in recouping some of the staggering losses resulting from Deutsche Bank's gross mismanagement, we hope that this lawsuit will send a message to the bank to stop using major trusts as its private piggy bank, will encourage families to think twice before designating Deutsche Bank as a trustee, and will alert beneficiaries to keep a closer look over estates managed by them.'

Deutsche Bank has not commented so far on the lawsuit.

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