Bondholders sue HSH Nordbank for EUR 1.4 billion

Displeased bondholders have sued the German bank in a case that dates back to before the financial crisis, reports Financial Times.

18 bondholders in Germany's HSH Nordbank, which was privatized before Christmas with new owners, have sued the bank for EUR 1.4 billion, reports Financial Times. The case involves securities issued more than ten years ago, and the bondholders claim that the value of these securities will be lowered improperly.

Specifically, the case concerns securities issued at a nominal value of close to EUR 2 million during 2002 and 2005, a time at which HSH Nordbank was the world's biggest lender to the shipping sector, a fact that created big problems for the bank during the financial crisis and has served as one of the arguments for privatizing the bank.

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