The Times reported that Deutsche Bank was suing one of its FX clients for $246 million. Bizarrely, this has not been picked up and reported further.
Deutsche filed a lawsuit at the High Court in London in January claiming that Sebastian Holdings a Turks & Caicos-based fund run by internet entrepreneur Alexander Vik failed to meet huge margin calls, which resulted in its positions closing out for the $246 million loss. There will be plenty of fallout, but from what I hear it has already led to a reorganisation of the bank’s prime brokerage business.
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