WASHINGTON: Deutsche Bank AG will pay $55 million to settle civil charges by US regulators alleging the bank filed misstated financial reports during the financial crisis concerning material risks it faced for possibly losing billions of dollars.
The Securities and Exchange Commission said on Tuesday the German bank over-valued a derivatives portfolio of leveraged trades, but did not have enough collateral to protect against potential losses.
It then in turn did not properly reflect these risks to investors.
The bank is settling the case without admitting or denying the charges.
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