Indian property company Unitech has scored another blow against Deutsche Bank, in the latest in its David and Goliath battle against the bank.
The company has resisted paying $120m into court as an interim payment in its fight against an allegedly misrepresented $177m loan and swaps contract taken out with Deutsche.
The result follows Unitech’s triumph at the Court of Appeal last year, when it was allowed to include Libor-related claims in its defence against repaying its debts to the bank.
Deutsche went all the way to the Supreme Court to attempt to overturn that ruling but was unsuccessful, meaning the bank will be forced to answer questions.
Unitech’s is one of two high-profile fights brought against major banks who sold financial products to small companies before the Libor scandal broke. Guardian Care Homes settled its case against Barclays last year, leaving Unitech to take on Deutsche alone.
Elsewhere, 20 Essex Street’s longstanding senior clerk Brian Lee made waves today by announcing his exit to 7KBW. Tagged “Mr Singapore” by 7KBW clerk Bernie Hyatt, the soon-to-be marketing director will take charge of the set’s marketing efforts overseas.
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