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China capital curbs reflect buyer’s remorse over market reforms

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Categorized | Banks

Retail heiress in legal fight with bank

Posted on December 18, 2012

A retail heiress who lost billions of euros in an insolvency in the financial crisis on Tuesday began legal action against a Deutsche Bank unit for its role.

Madeleine Schickedanz, formerly one of the world’s wealthiest women, was the main shareholder in Arcandor, the retailer which filed for insolvency in 2009. She is suing Sal Oppenheim, the private bank that was bought by Deutsche in 2009, as well as Sal Oppenheim’s former partners and a German property financier with links to the bank.

Lawyers for Ms Schickedanz were asked by a judge in Cologne to do more to substantiate her €1.9bn claim for damages. The case will continue next year.

Sal Oppenheim – which also became a significant shareholder in Arcandor – and the others being sued should have given her better advice, Ms Schickedanz alleges. Sal Oppenheim and others being sued reject the claims made by Ms Schickedanz, who used loans from the bank to increase her stake in the retailer.

Prosecutors have also charged Sal Oppenheim’s former partners and the property financier with breach of trust in a separate case due to start next year.