01:43 PM EDT, 07/12/2024 (MT Newswires) -- Deutsche Bank ( DB ) settled a 500 million euro ($545 million) claim from Palladium Hotel Group over losses sustained by the Spanish hotel chain from foreign-exchange derivatives sold by the lender, Bloomberg reported Friday.

Palladium claimed in its lawsuit that Deutsche Bank ( DB ) sold products that it didn't understand and, as a result, it acquired derivatives with a notional value as high as 5.6 billion euros, according to the report.

Deutsche Bank ( DB ) reportedly said it has "resolved the matter" in response to Bloomberg questions on the status of the suit.

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