The State of the Netherlands v Deutsche Bank AG

Contract – Construction. An agreement made between the claimant, the State of the Netherlands, and the defendant, Deutsche Bank AG (the bank), using the International Swap Dealers Association, did not impose an obligation on the bank to pay 'negative interest', as the State had contended. The Financial List so ruled in respect of a dispute that had arisen after the parties had made the agreement and had entered into a number of derivative transactions.

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