Deutsche Bank, Commerzbank Slammed With $348M Suit By Russian Gas Giant Subsidiary: Report
Portfolio Pulse from Lekha Gupta
Deutsche Bank AG (NYSE:DB) and Commerzbank AG (OTC:CRZBF) (OTC:CRZBY) are facing a lawsuit worth $348 million from RusKhimAlyans, a subsidiary of Russian gas giant Gazprom. The lawsuit demands over ₽22 billion from Deutsche Bank and over ₽8 billion from Commerzbank. This news comes after Deutsche Bank identified a shortfall in the shares backing the bank's depositary receipts (DRs) allocated before the Ukraine invasion.
July 05, 2023 | 11:39 am
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Commerzbank is facing a lawsuit worth a portion of $348 million from RusKhimAlyans, a Gazprom subsidiary.
The lawsuit from RusKhimAlyans is a significant financial risk for Commerzbank. This is likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Commerzbank is facing a lawsuit worth a portion of $348 million from RusKhimAlyans, a Gazprom subsidiary.
The lawsuit from RusKhimAlyans is a significant financial risk for Commerzbank. This is likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Deutsche Bank is facing a lawsuit worth $348 million from RusKhimAlyans, a Gazprom subsidiary. This news comes after Deutsche Bank identified a shortfall in the shares backing the bank's depositary receipts (DRs) allocated before the Ukraine invasion.
The lawsuit from RusKhimAlyans is a significant financial risk for Deutsche Bank. This, combined with the recent shortfall in the shares backing the bank's DRs, is likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100