Billionaire losses appeal to overturn ruling in Deutsche Bank dispute

Norwegian billionaire Alexander Vik has lost his appeal to overturn a U.K. high court ruling that convicted and sentenced him for lying during a £285 million ($340.2 million) dispute with Deutsche Bank AG, City A.M. reported. Mr. Vik lied about the extent of his knowledge of his shell company Sebastian Holdings, Inc. and not handing over information concerning its assets. The lender first sued the firm in 2009 for making multiple loss-making foreign exchange deals.