Deutsche Bank AG will pay $15 million to resolve claims it conspired to rig pric...
FILE PHOTO: The logo of Deutsche Bank is pictured in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photo
The German bank also agreed to bolster internal oversight to detect anticompetitive conduct under the settlement, which requires court approval and was made public late Wednesday. Deutsche Bank did not admit wrongdoing. Investors like Pennsylvania Treasurer Joe Torsella accused the defendants, including several of the world’s largest banks, of exploiting their market dominance to overcharge investors from Jan. 1, 2009 to Jan. 1, 2016, to secure more profit.
Lawyers for the investors called Deutsche Bank’s settlement, which includes the bank’s cooperation, an “ice-breaker” that could bring other defendants to the negotiating table. “This agreement is an important first step, but just a first step, toward greater accountability on Wall Street,” Torsella said in a statement on Thursday.According to an amended complaint filed on Tuesday, the defendants underwrote $3.97 trillion, or 77.2%, of Fannie Mae and Freddie Mac bonds in the seven-year period.
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