Massachusetts on Wednesday fined Deutsche Bank AG (DBKGn.DE) $17.5 million, saying it deceived clients in creating and marketing $10 billion worth of collateralized debt obligations, Reuters reports.
Secretary of the Commonwealth William Galvin said Deutsche
Bank Securities Inc, a unit of Germany's largest bank Deutsche Bank, failed to
fully disclose what was in the financial products or that hedge fund Magnetar
Capital was betting their value would fall.
Deutsche Bank Securities and Magnetar co-invested in at
least six different CDOs with a value of $10 billion, Galvin's office said.
Galvin's office specifically investigated Deutsche Bank Securities Inc's
(DBSI's) role in a $1.56 billion CDO named Carina between December 2005 and
November 2007...
More? Check out http://www.reuters.com/article/2013/03/13/us-massachusetts-deutschebank-idUSBRE92C12420130313
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