Central Bank of Iran files $4.9 billion complaint against Deutsche Boerse subsidiary

Fox Business– Deutsche Boerse AG (DB1.XE) said Thursday that Iran’s Bank Markazi has filed a complaint against the German stock-exchange operator’s subsidiary Clearstream, seeking restitution of assets worth about $4.9 billion.

The Iranian central bank filed the complaint against post-trade services provider Clearstream and Italian bank Banca UBAE SpA at a court in Luxembourg, where the subsidiary is based, Deutsche Boerse said.

The complaint seeks restitution for the Iranian bank’s assets, which are allegedly held on accounts of UBAE and Bank Markazi with Clearstream and total around $4.9 billion plus interest. Alternatively, Bank Markazi seeks damages worth the same amount, Deutsche Boerse said.

The sought assets include about $1.9 billion which was turned over to plaintiffs in the U.S. following a binding 2013 U.S. court order in a proceeding involving the Iranian bank, Deutsche Boerse said.

The bank’s complaint also addresses around $2 billion in customer assets which are held at Clearstream and are subject to litigation in the U.S. and Luxembourg.

Clearstream believes the complaint against it is without merit and the subsidiary will take “all necessary and appropriate measures to vigorously contest the claims,” Deutsche Boerse said.

Write to Max Bernhard at [email protected]; @mxbernhard