Deutsche Bank has compensated the Spanish winemaker for the Forex scandal

Deutsche Bank pays over 10 million euros to Europe’s largest wine exporter to resolve dispute over alleged misappropriation of foreign exchange derivatives by lender internal probe which has already led to the departure of two senior officials.

Late last year Deutsche sent a large delegation to Madrid to negotiate the Frankfurt deal, which offset J García-Carrión for the accumulated losses caused by exotic instruments over a six-year period, those familiar with the matter told the Financial Times.

As part of the previously unannounced deal, the bank also apologized for the behavior of its traders and sellers. The decision to make the decision could put pressure on peers Goldman Sachs and BNP Paribas, who have similar allegations to JGC.

Deutsche declined to comment. JGC has not commented.

The decision was made as part of an internal investigation by a German lender known as Project Teal. The probe was launched after customers complained that they had been sold sophisticated derivative products that they did not understand, in breach of EU rules designed to protect potential businesses from risky loans.

FT reported this month saw the departure of Louise Kitchen, head of Deutsche’s asset consolidation unit, and Jonathan Tinker, the world’s top foreign exchange chief. Two traders who were operationally responsible for the problematic activities have already left the bank.

The German lender has resolved several other complaints privately and avoided going to court, according to people familiar with the situation. When the FT reported allegations made by Deutsche in January, the bank said the potential misconduct had resulted in “a limited number of customers”.

The rising losses of some forex exchanges – due to the fact that Deutsche sellers were a cheaper way to cover currency exposure than traditional exchange rate insurance – pushed some customers into serious financial trouble.

JGC also has it presumably The French BNP improperly carried out billion-dollar currency transactions, with tens of millions in losses.

FT reported this month that JGC’s internal investigations found that BNP had made more than 8,400 exchange transactions with the company over a five-year period, resulting in a loss of 75 million euros.

A 130-year-old wine producer from Jumilla, best known for his box wine and juice brand. Don Simon – is considering legal action after the French bank refused to pay damages. The BNP has said it complies with all regulatory requirements.

For its part, JGC is suing Goldman Sachs in the London High Court for refunding $ 6.2 million in losses related to exotic currency derivatives. Goldman said the products for multinational companies that needed coverage were not very complex and the risks were clear.

The Spanish company said many of its loss-making professions have been done inappropriately with one of its former CEOs. He has filed a lawsuit in Madrid alleging that the person carried out the business in secret and that he covers it inside by falsifying documents and misleading auditors.