A former investment banker is suing his ex-employer, Deutsche Bank, for €152 million in a case set for a hearing on 4 December, a court in Frankfurt announced on Thursday.
The lawsuit originates from transactions conducted in 2008 by Deutsche Bank with Italy’s Banca Monte dei Paschi di Siena (MPS).
In 2019, five former employees and one current employee of the bank were sentenced by an Italian court to several years in prison for aiding in accounting fraud and market manipulation. They were all acquitted on appeal in 2022.
The banker is now seeking substantial compensation from his former employer for “professional damages suffered due to the criminal proceedings in Italy and the initial conviction.”
Deutsche Bank has stated that the claim lacks merit, asserting in its annual report that it will mount a “vigorous" defence against the lawsuit and challenge the “unrealistic amount of the alleged damages.”
According to the German newspaper Der Spiegel, another employee is reportedly preparing a similar lawsuit.
