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Spain Escalates Deutsche Bank Mis-Selling Scandal

Spain Escalates Deutsche Bank Mis-Selling Scandal

by Starling Insights

Starling Insights Editorial Board

Jan 16, 2024

Observations

Spain The Costs of Misconduct Consumer Protection

The Spanish National Securities Market Commission (CNMV) has initiated disciplinary proceedings against Deutsche Bank for alleged mis-selling of risky derivatives to small and medium-sized businesses.

The bank allegedly marketed high-risk foreign exchange derivatives as low-risk currency hedges without adequately disclosing the downsides between October 2018 and March 2021. Deutsche Bank's internal investigation revealed instances of bad faith and exploitation of internal control weaknesses by some employees. The firm has already paid substantial settlements and disciplined staff after several clients faced significant losses from these products.

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