Crime pays! Deutsche Bank settles US mortgage bond rigging case for $15M

[ffr]

Deutsche Bank has become the first lender to settle civil claims of allegedly rigging US mortgage bond markets, resolving one of the lender’s many legal headaches for $15m.
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The alleged manipulation of Fannie and Freddie bonds occurred between 2009 and 2016 when the Pennsylvania Treasurer claimed Deutsche and the other banks “exploited their dominant market position and conspired to unlawfully increase prices, overcharging and/or underpaying investors”.
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The case was one of a laundry list of legal issues listed in Deutsche’s last annual report, which also included an investigation into its role in the $200bn Danske Bank money-laundering scandal, various investigations into Deutsche’s alleged role in fixing foreign exchange rates, and 45 separate US civil actions for manipulating rates.

Deutsche is also facing scrutiny over its relationship with US President Donald Trump and disgraced financier Jeffrey Epstein. In June the bank was embroiled in a fresh US criminal investigation after allegations of anti-money laundering failings. - Not posting source, it's a RW rag. But the story speaks for itself. Rigging the system pays.

[dixiegrrrrl]

1. Crime indeed is paying off for that bank.

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