Allegations of bribery and manipulation: Deutsche Bank pays millions of dollars in comparison in USA – shares in red | 01/11/21

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With a settlement worth millions, Deutsche Bank has cleared further legal legacies in the USA.

The largest German financial institution pays over $ 125 million (102 million euros) on allegations of bribery in certain foreign transactions and manipulation in trading in precious metal contracts, according to US court documents on Friday. In return, criminal proceedings by the US judicial authorities will be dropped.

“Even if we cannot comment on the details of the comparisons, we assume responsibility for these events that occurred between 2008 and 2017,” said Deutsche Bank. The matter had been thoroughly investigated, and the company had fully cooperated with the Justice Department and the SEC. The bank has taken significant measures and spent a lot of money to improve its processes.

The allegations of the US authorities are violations of the anti-corruption law “Foreign Corrupt Practices Act”, with which the US can pursue allegations of bribery beyond its own national borders. Specifically, the court files mention a bribe business in 2010, in which business advantages in Abu Dhabi were to be obtained through intermediaries. At Deutsche Bank, the project was called “Project X” internally.

The second part of the comparison concerns price manipulation by some Deutsche Bank finance professionals in trading precious metal contracts. Among other things, a practice often referred to as “spoofing” is said to have been used, in which purchase orders are only faked on the market in order to manipulate prices. A few months ago, the US bank JPMorgan Chase was fined $ 920 million by US authorities for similar allegations.

For Deutsche Bank, the XETRA is currently 0.54 percent down to 9.47 euros.

/hbr/DP/he

NEW YORK (dpa-AFX)



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https://www.finanzen.at/nachrichten/aktien/vorwuerfe-von-bestechungen-und-manipulationen-deutsche-bank-zahlt-millionen-dollar-bei-vergleich-in-usa-aktie-in-rot-1029944442

Allegations bribery manipulation Deutsche Bank pays millions dollars comparison USA shares red

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