Deutsche Bank Admits Misleading Clients in Dark Pool Trades
- Bank to pay $37 million to resolve probe by SEC, Schneiderman
- Settlement follows others over private trading platforms
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Deutsche Bank AG agreed to pay $37 million and admit to misleading customers about its dark pool stock-trading platforms to settle a joint state and federal probe, bringing the bank a step closer to resolving several potentially costly legal challenges in the U.S.
The bank will admit to violating state and federal securities laws over a two-year period by failing to address known technical problems with its proprietary dark-pool ranking model, the U.S. Securities and Exchange Commission and New York Attorney General Eric Schneiderman said Friday.