Deutsche Bank said it wasn’t to blame for 2008 losses on currency trades by Alexander Vik’s Sebastian Holdings Inc. that the Norwegian entrepreneur described in a phone to Bloomberg as his “worst nightmare.”
E-mails and phone calls cited by the bank in trial documents show how market turmoil in October 2008 led to escalating losses at Sebastian, soured its relationship with Deutsche Bank and tested the lender’s prime brokerage systems to the breaking point.
Vik’s investment fund is suing the bank for as much as $8 billion over margin calls made at the height of the financial crisis, the bank said yesterday in documents released at the start of a
London trial. Deutsche Bank says it acted
properly and Sebastian owes it $250 million….