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Deutsche Bank To Repay Overcharged MBS Customers $3.7M

Law360 (February 12, 2018, 4:38 PM EST) -- Deutsche Bank has agreed to pay back $3.7 million to customers allegedly misled by the firm’s traders and salespeople while negotiating sales of commercial mortgage-backed securities, the U.S. Securities and Exchange Commission said Monday.

The SEC said in an administrative proceeding order that the customers overpaid for the securities because traders on Deutsche Bank Securities Inc.’s CMBS trading desk lied about the prices the bank originally paid for them and because the former head of the desk, Benjamin Solomon, failed to take action after learning of...
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