Deutsche Bank Securities filed a complaint against the Montana Board of Investments, Helena, for breach of contract. The complaint, filed in New York state court, claims the $4.9 billion board did not fulfill the commitment it made on March 25 to sell to Deutsche Bank $14.7 million in Pennzoil-Quaker State bonds.
Deutsche seeks no less than $1.6 million, the additional cost that it took to acquire the bonds from third parties, in addition to any statutory interest, costs and expenses, according to the complaint.
Carroll V. South, executive director with the Montana Board, declined comment.
On March 25, Shell Oil Co. announced it would acquire Pennzoil-Quaker State Co.