Germany's central bank has opened an investigation into assertions
that Deutsche Bank AG (DB) hid losses of up to $12 billion during the
financial crisis, the Financial Times reported Wednesday, citing people
familiar with the situation.
Bundesbank is investigating claims that Deutsche Bank misvalued credit derivatives to hide losses, the FT reported.
Deutsche
Bank told the FT that the allegations are "more than two-and-a-half
years old" and were the "subject of a careful and thorough"
investigation by a law firm that found them "wholly unfounded."
"Moreover,
the investigation revealed that these allegations stem from people
without responsibility for, or personal knowledge of, key facts and
information," Deutsche said in its statement to the FT.
"We have and
will continue to co-operate fully with our regulators on this matter."
Web site: www.ft.com
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