A group of investors have sued German banking giant Deutsche Bank for €740m over the acquisition of Postbank.

The 31 former Postbank shareholders accused the German bank of underpaying the agreed amount.

Deutsche Bank should have paid the shareholders around €64 per share under the value of stock in September 2008 but they received only €25 per share.

The lawsuit states that Deutsche Bank took effective control of Postbank in 2008 when it bought a nearly 30% stake in the company. Accordingly, the Postbank shareholders are entitled to a higher price for their interests in the Postbank.

German weekly WirtschaftsWoche first reported the lawsuit which was later confirmed by Deutsche Bank lawyer.

In the recent years, Deutsche Bank was involved in settling multiple legal suits as a part of its wider restructuring process that involved the payment of fines and compensations.

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In October last year, Deutsche Bank and Deutsche Postbank started the process of merging into a single entity after operating as independent units following the acquisition announcement in 2008.

The merged bank is also expected to introduce a new digital bank by the end of this year.