Deutsche Bank Sued by Former Employees Over Monte Paschi Case

By Adria Calatayud

Deutsche Bank said four former employees sued it seeking damages over a longrunning case that stemmed from transactions between German bank and Italy's Banca Monte dei Paschi di Siena in 2008.

The four former employees filed claims in the English courts in September alleging Italian court proceedings over the transactions hurt their careers, and seeking more than 600 million pounds ($804.7 million) in damages, Deutsche Bank said in its annual report published Thursday. The lender said it considers the claims to be without merit and called the alleged losses claimed unrealistic.

The suits followed a previous claim in Germany in 2024 by another former employee who sought 152 million euros ($175.8 million) in connection to the case, according to the report.

Deutsche Bank said a sixth former employee filed a claim in the U.K., but the parties resolved all of the employee's claims and allegations on a confidential basis.

The six former employees were convicted in 2019 by the Court of First Instance of Milan for their role in transactions Deutsche Bank had entered into with Monte Paschi transactions, but higher courts later acquitted the defendants.

Deutsche Bank said it hasn't disclosed whether it has established a provision or contingent liability in relation to the litigations because such disclosure could affect their outcome.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

March 12, 2026 09:32 ET (13:32 GMT)