Alexander Vik went to Deutsche Bank’s London office in October 2008 to meet account managers who congratulated the Norwegian entrepreneur on how well his Sebastian Holdings Inc. investment fund was doing.
Vik, 58, will argue at a 12-week trial starting in London Monday that Deutsche Bank’s actions resulted in losses and missed profits totaling about $2.5bn. A judge will have to decide whether Sebastian’s calculation of lost trading gains is accurate, said John Day, a lawyer at London-based litigation firm DaySparkes.
'Quite apart from the spectacular sums at stake, one of the key questions for the court will be whether the losses that Sebastian is claiming following the closing out of its positions were too speculative', said Day, who isn’t involved in the suit. 'This case could well have potentially far-reaching implications for the wider banking community'.
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