Deutsche Bank Fined For Proxy Vote Violations

Law360, New York (February 15, 2006, 12:00 AM EST) -- The New York Stock Exchange has slapped brokerage Deutsche Bank with a $1 million fine, alleging that broker dealers violated rules governing proxy voting by submitting more votes than they were allotted on several instances.

Proxy voting allows shareholders to vote on company matters typically by allotting one vote for every share of stock held.

The NYSE alleged that from March 1998 to November 2003, Deutsche Bank frequently issued duplicate requests for proxy voting instructions, which led to duplicate votes. The firm also allegedly voted more...
To view the full article, register now.