The Pennsylvania Treasury Department announced an agreement been reached with Deutsche Bank to settle its part of a lawsuit over allegations of price fixing in government bond deals, and the bank has agreed to pay US$15 million, reported Reuters.
Treasurer Joe Torsella announced Thursday, September 12, the deal submitted to a federal judge for approval also includes a commitment to train employees, oversee and audit workers’ communications, and improve ethical and legal compliance processes.
“This agreement is an important first step, but just a first step toward greater accountability on Wall Street,” Torsella said in a statement on Thursday.
The lawsuit is still pending against 15 other financial institutions that underwrite Fannie Mae and Freddie Mac bonds.
Full Content: Reuters
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