Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets.
About lawsuit
The bribery case relates to illegal payments and to false reporting of those sums on the bank’s books and records between 2009 and 2016, the Department of Justice said in a press release.
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker.
Conclusion
The Justice Department and the Securities and Exchange Commission found that Deutsche Bank had made about $7 million in improper payments to foreign fixers between 2009 and 2016, earning about $35 million from the deals that resulted.
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