Deutsche Bank Faces $577 Million Claim by Spain Hotel Chain (2)

Deutsche Bank AG is facing a claim from a Spanish hotel chain over losses suffered on foreign-exchange derivatives sold by the lender.

Palladium Group estimated its combined claim at about 500 million euros ($577 million), according to legal filings filed at the High Court in London. Palladium says in its suit that it was sold products by Deutsche Bank that it didn’t understand and, as a result, it piled up derivatives with a notional amount as high as 5.6 billion euros.

The hotel company entered into hundreds of “highly complex” transactions with the German lender, which were “impossible” for them ...