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Deutsche Bank convicted in Italy in widening scandal

December 22, 2012
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Source: EU Observer

An Italian judge has convicted Deutsche Bank of fraud, as the bank struggles to save its reputation amid widening probes over tax evasion and rate-fixing after the departure of its former CEO Josef Ackermann.

Deutsche Bank was convicted together with US giant JP Morgan Chase, Switzerland's UBS and a German-Irish bank, Depfa, for their role in overseeing fraud by their bankers in the sale of interest rate bets to the city of Milan. About €90 million are to be seized from the four banks, who will also have to pay €1 million each in fines.

The case is only the first in a series of similar complaints: around 600 Italian municipalities had bought such derivatives and lost about €4 billion during the financial crisis, according to the Italian central bank.

In parallel, Deutsche Bank is part of a worldwide investigation for altering the British benchmark interest rate (Libor) and its euro-counterpart (Euribor). Once the European Central Bank takes over the supervision of eurozone's largest banks, Deutsche Bank will fall under the new scrutiny.

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