Deutsche Bank has seen its legal costs skyrocket over the last year and faced a record fine for the Libor rate manipulation case. The has also had to set more money aside for other possible fines.
Germany’s largest bank, is struggling to hold on to its $8 billion business managing pensions in the United States following a penalty set by the U.S. Department of Labor. The bank faces a deadline this week in an early stage of an extended review process.
So one less case – against the bank’s subsidiary, Sal. Oppenheim – is cause for at least some relief.
Deichmann shoe company has finally reached an agreement with Sal. Oppenheim, a storied private bank bought by Deutsche Bank in 2010 after a long struggle dating back to 2012.
The Deichmanns had sued Sal. Oppenheim over numerous funds, called the Oppenheim-Esch funds, in which the family had invested and lost money.
Along with Sal. Oppenheim, the Deichmann family also sued public savings bank Sparkasse KölnBonn and the firm of real estate tycoon Josef Esch, with total demands adding up to €165 million, or about $185 million.
In response, Sal. Oppenheim counter-sued and demanded the Deichmanns pay back €60 million in loans.