German Bank can be but for a special one – Reuters Germany

Frankfurt the German bank has their handling of multi-billion dollar legal risks now but by auditors under the magnifying glass take.

the largest German money house is after a demand of the investor association DSW, who had the face of a flurry of penalties of fines and litigation risks for more than a year requires special audit. “Now is finally released regardless of whether the current risk control systems of the Bank sufficient to successfully prevent a recurrence of cases such as the scandal around the manipulation of interbank interest rate Libor,” said the lawyer Klaus Nieding, the negotiations with the Bank as vice president of the German association for security possession (DSW) had done.

the largest German shareholder association was brought to trial after her foray at the AGM in 2015, after all, one seventh the shareholders had brought behind. Behind the request, according to DSW also numerous institutional shareholders had asked. At the AGM in May supervisory board chief Paul Achleitner had a special stage rejected as unnecessary: ​​The legal risks had already been widely studied both internally and externally. The significant additional expenditure was not in the interests of the Company and its shareholders.

Prior to a decision of the Landgericht Frankfurt drew Bank a now. However, it is not as required by the DSW go in the special issue is whether the German bank has covered enough money for the risks, but only whether and how it intends to ensure that similar future can no longer happen. “The aim of the agreement is to end the legal proceedings immediately and definitively,” said a spokesman for Deutsche Bank. The DSW celebrated the partial success as “desired result”, which had been achieved faster than expected. “This is an extraordinary success (…) for the entire shareholder democracy,” said DSW president Ulrich Hocker. The order for the special audit to the auditor from BDO condition.

(Reporting by Alexander Huebner and Andreas Kröner, edited by Olaf Brenner; For further information please contact the editorial board at the telephone numbers 069-7565 or 1312 030-2888 5168)