Deutsche Bank faces damages claim from housing co-operative

Vestia, one of the largest Dutch housing cooperatives, said on Wednesday it had filed a large claim against Deutsche Bank alleging the bank had improperly sold it interest rate derivatives.

Reuters reports that Vestia said in a statement it had filed a claim at the High Court of Justice in London on December 2 and would specify later how much it intended to seek in damages.

It alleged Deutsche Bank was responsible for $832.3m out of $2.6bn in damages suffered by the entire Dutch housing cooperative sector as a result of mis-sold interest rate derivatives.

Vestia was close to bankruptcy in 2012, facing losses on a 23 billion euro pile of derivatives that were supposed to protect the cooperative against a rise in interest rates but were later deemed mostly unnecessary, speculative and out of line with the organisation's charter.

To access the complete Reuters article hit the link below:

Dutch housing coop Vestia seeks damages from Deutsche Bank for derivatives

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