Deutsche To Pay $139M To Settle Spitzer Probe

Law360, New York (December 21, 2006, 12:00 AM EST) -- In yet another coup for outgoing New York Attorney General Eliot Spitzer, Deutsche Bank agreed Thursday to pay over $139 million to settle charges its brokers engaged in market timing and late trading in its mutual funds.

Under the terms of the settlement, Deutsche Bank will pay over $102 million in restitution and disgorgement to injured investors, and $20 million in civil penalties, Spitzer’s office said.

In addition, the firm has agreed to make $86 million in reduction of fees charged to investors over a five-year...
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