Friday 8 January 2021 7:03 pm

Deutsche Bank agrees to pay more than $87m over bribery charges

Deutsche Bank will reportedly pay more than $87m to settle bribery charges as part of a deferred prosecution agreement with the US Department of Justice. 

The case, which alleges the bank broke US anti-bribery and commodities trading laws, was brought before federal prosecutors in Brooklyn on Friday. 

Read more: Deutsche Bank executive steps aside amid Wirecard probe

The German lender agreed to the settlement as part of a three-year deferred prosecution agreement with the US Department of Justice, according to Reuters. 

The bank is also resolving related civil charges brought by the US Securities and Exchange Commission.

“While we cannot comment on the specifics of the resolutions, we take responsibility for these past actions, which took place between 2008 and 2017,” a Deutsche Bank spokesperson said. 

“Our thorough internal investigations, and full cooperation with the DOJ and SEC investigations of these matters firmly in the past. As recognised in the resolutions, we have taken significant remedial actions in response to these issues.” 

Read more: Deutsche Bank swings to surprise profit in third quarter

It is the latest in the string of allegations against Deutsche Bank whose reputation has been somewhat tarnished. In 2019 it agreed to pay the SEC $16m to settle allegations it hired relatives of foreign government officials in order to win business in Russia and Asia.

The bank has also been investigated for its dealings with President Donald Trump who leaves office just days after this agreement and owes Deutsche Bank more than $300m.