World Economy

Japan School Sues Deutsche Bank

Japan School Sues Deutsche BankJapan School Sues Deutsche Bank

Deutsche Bank AG’s Japan units were sued by a Japanese school operator for 9b yen ($76m) in compensation for losses on derivative transactions, Bloomberg reported. Nanzan School Corp. filed the lawsuits in the Tokyo District Court, the Nagoya-based company said on its website on Friday, arguing that the German firm’s banking and brokerage units in Japan failed to explain risks of the transactions. UBS Group AG and Nomura Holdings Inc. were also sued by the school operator last year for a total of 8.8b yen in compensation. Nanzan is among Japanese companies that lost money from investing in structured products during the global financial crisis in 2008.