A federal judge in Cincinnati has handed Bankers Trust New York Corp. its second victory in a month in its legal battle with Proctor & Gamble Co. over derivatives.

The decision by Judge John Feikens rules out an award to compensate Proctor & Gamble for losses incurred on a German mark swap it bought from Bankers Trust in 1994. The swap resulted in a $65 million loss for the Cincinnati-based company.

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