Deutsche Bank paid for $ 130 million settlement charge


Photographer: Alex Kruse / Bloomberg

Deutsche Bank AG agreed to pay more than $ 130 million to settle criminal and civil charges alleging that it bribed foreign officials and sent futures to precious metals through a trading strategy known as spoofing Manipulated the market for

The Frankfurt-based bank agreed to a settlement in which it would not be prosecuted because it does not engage in re-practices for more than three years, and there is no need to lobby the charges. The case was brought by federal prosecutors in Brooklyn, New York and Washington, who fined him $ 920 million JPMorgan Chase & Co. last year, the biggest clearance associated with spoofing.

Prior to the change of US administrations, large banks have run to end legal deals, partly out of concern that stiff penalties could occur under a Democratic president. Three top US banks agreed to pay more than $ 4 billion in settlements announced just before the November election on issues ranging from bribery to market manipulation.

Deutsche Bank’s agreement with the Department of Justice was confirmed in a remote hearing in federal court in Brooklyn on Friday. The bank will pay $ 80 million in criminal penalties for violating the Foreign Corrupt Practices Act and another $ 5.6 million for commodity fraud, although the bank later received a fine for an earlier settlement with the Commodity Futures Trading Commission.

‘Remedial action’

In addition, Deutsche Bank will pay more than $ 43 million to the Securities and Exchange Commission to resolve a parallel, civil action for the conduct of bribes. The SEC investigation found that there was a lack of adequate internal accounting control over third-party intermediaries with $ 7 million in doubtful payments recorded as legitimate business expenses. Bank employees also mistook invoices and other documents, according to the SEC.

Deutsche Bank spokesman Dan Hunter said in a statement, “While we cannot comment on the specifics of the resolutions, we take responsibility for these past actions, which took place between 2008 and 2017.” “Our thorough internal investigations, and full cooperation in the DOJ and SEC investigations of these cases, reflect our transparency and determination to keep these cases firmly in the past.”

The bank has taken “significant remedial action”, Hunter said, investing more than 1 billion euros ($ 1.22 billion) in data, technology and controls, improving its training and providing its global anti-financial-crime staff with more than 1,600 extent to.

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