Deutsche Bank and billionaire investor Alexander Vik have begun legal battles to appear before the High Court in London, as Vik has claimed US$8 billion of damages from Deutsche Bank in relation to losses sustained at the height of the financial crisis, reports The Financial Times.
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An offshore company controlled by the Norwegian businessman, Sebastian Holdings (SHI), is being sued by Deutsche, which provided it with foreign exchange (FX) prime broker services and the German bank is now trying to recoup $250m which it claims is still unpaid.
The dispute centres around the market turmoil after Lehman Brothers collapsed in October 2008 when Deutsche asked for additional collateral in FX margin calls.
The litigation is one of a number of financial disputes involving banks that are now reaching the civil courts following the market turmoil in 2008.
The bank’s written submissions claim that TPFs were entered into on SHI’s behalf by Klaus Said, the offshore company’s trader and a former global head of foreign exchange and money markets at Credit Suisse.
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