Macquarie Group Ltd. says it’s facing losses of tens of millions of dollars after currency derivatives trades with Italian builder Cimolai SpA went awry.
The firms began entering into foreign-exchange trades with each other in 2017 but the relationship foundered in September when Cimolai failed to make payments tied to the transactions, according to a Dec. 14 claim lodged by the Australian lender in London. The Sydney-based bank canceled the deals and claims it’s owed a ‘termination payment’ of $49 million.
news.google.com