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Deutsche Bank has paid more than € 10m to Europe’s largest wine retailer to settle a dispute over imports, as the lender nears the end of internal research which has already led to the departure of two senior officials.
Late last year Deutsche sent a delegation to Madrid from Frankfurt to discuss the deal, which paid J García-Carrión for more money in six years, people familiar with the matter told the Financial Times.
As part of the deal, which has not been announced before, the bank also apologized for its business and sales behavior. The idea of setting up the case could add to the pressure on Goldman Sachs and BNP Paribas’ allies, who are accusing them of the same from the JGC.
Deutsche declined to comment. JGC declined to comment.
The idea was taken from an internal investigation by a German lender called Project Teal. The investigation was launched after customers complained that they had been sold products made from non-comprehensive materials, possibly in violation of EU regulations designed to protect businesses from risky loans.
FT reports this month the departure of senior managers Louise Kitchen, head of Deutsche’s armory, and Jonathan Tinker, head of international cooperation, were linked to this. Two businessmen who oversee the hard work they have done have left the bank.
The German landlord has settled several other lawsuits privately and avoids going to court, according to people who are aware of this. When FT made its first statement about Deutsche’s investigation into the allegations in January, the bank said the atrocities had affected “a small number of customers”.
The proliferation of some of the original swaps – which were introduced by Deutsche retailers as a cheaper way to hide the display of cash than temporary exchange insurance – forced some customers into financial crisis.
JGC also exists is being prosecuted that the French BNP mismanaged billions of dollars which resulted in the loss of tens of millions.
FT revealed this month that a central survey in JGC found that the BNP had done more than 8,400 foreign exchanges with the company over five years, resulting in a 75 euro loss of money.
130-year-old Jumilla winemaker – best known for its punctured wines and water quality, Don Simon – is considering a trial after a French bank refused to pay a fine for a loss. The BNP says it is following all the rules.
Separately, JGC is suing Goldman Sachs in the High Court in London for a refund of $ 6.2m for losses linked to foreign vessels. Goldman maintained that the situation was not so serious for an international company that had coverage needs and its risks were clear.
The Spanish company says most of the money laundering activities were carried out improperly by one of the former chief executives. It brought a lawsuit in Madrid, alleging that the man was secretly involved in the scandal and that he was covering up the documents and misleading readers.
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