Four former Deutsche Bank employees are suing the lender for over £600 million, alleging its internal probe contributed to their convictions in Italy. The German bank disclosed the claim size for the first time in its annual report. The lawsuit stems from a 2013 internal audit, led by now-CEO Christian Sewing, into complex derivative trades Deutsche made with Monte dei Paschi di Siena in 2008.

This probe formed the basis of a 2019 Milan criminal trial that convicted the bankers of abetting false accounting and market manipulation, resulting in sentences up to four years and eight months. All convictions were overturned on appeal in 2022. The bankers argue the flawed audit damaged their careers.

The case adds to Deutsche's legal woes, following recent revelations about emails related to Jeffrey Epstein.