Deutsche Bank settles derivatives case in US
It will pay US$55 million penalty for its inadequate internal accounting controls during the financial crisis
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New York
DEUTSCHE Bank "overstated" the value of a multibillion-dollar portfolio of sophisticated derivatives during the height of the financial crisis, leading it to file inaccurate financial statements for at least a six-month stretch, securities regulators in the United States said Tuesday.
The bank, without admitting or denying wrongdoing, agreed to pay a US$55 million penalty to the Securities and Exchange Commission to settle claims that its "inadequate internal accounting controls" violated federal securities law.
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