Deutsche Bank Doesn't Owe Negative Interest In Dutch Suit
Law360, London (May 2, 2019, 3:08 PM BST) -- Deutsche Bank doesn't owe the Dutch government millions of dollars in connection with a derivatives deal after a London appeals court ruled Thursday that it never agreed to pay the country interest if rates dipped below zero.
The U.K. Court of Appeals dismissed the Netherlands' bid to revive a lawsuit for approximately €18 million ($20.1 million) in negative interest that allegedly accrued on collateral hedging the government's risk to the derivatives agreement.
There's no written, contractual obligation to pay negative interest, and while the terms don't specifically rule out the possibility, a guidebook explaining the deal in detail does, Judge Geoffrey Vos...
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