A German appellate court ordered Deutsche Bank AG to pay nearly $1 million to a municipal water association on Wednesday, ruling that the bank didn’t adequately disclose the risks of interest rate swaps it sold the utility.
According a press release issued by the Stuttgart Higher Regional Court (Oberlandesgericht), Deutsche Bank was ordered to pay 710,000 euros, or about $980,000 million. The amount covers losses suffered by the plaintiff, a public sewer system operator in southern Germany, from a deal known as a CMS spread swap it completed with the bank in 2005.
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