RTTNews | Dec 9, 2021 06:09AM EST

06:09 Thursday, December 9, 2021 (RTTNews.com) - Deutsche Bank AG's shares were losing around 2 percent in German trading as well as in pre-market activity on the NYSE after media reported that the U.S. Justice Department has informed the German lender of possible violation of a criminal settlement.

The reports, citing people familiar with the matter, said the violation is related to an internal complaint in its asset-management unit's sustainable investing business. The DOJ said the bank failed to tell prosecutors about the complaint.

In the complaint, it was alleged that the asset manager, DWS Group, overstated how much it used environmental, social and governance criteria to manage its assets.

The bank did not disclose the issue to the DOJ, but the U.S. authorities learned about that in a Wall Street Journal article.

The bank already had ongoing disclosure and compliance obligations under the earlier criminal settlement with the agency.

In January, the bank reached a deferred prosecution agreement with the DOJ, in which it agreed to pay more than $130 million to settle charges that it bribed foreign officials and manipulated the market for precious-metals futures.

In Germany, Deutsche Bank shares were trading at 11.15 euros, down 2.24 percent. In pre-market activity on the NYSE, the shares were down 2.2 percent to trade at $12.62.

Read the original article on RTTNews ( https://www.rttnews.com/3248075/deutsche-bank-stock-down-on-reports-of-possible-breach-of-criminal-settlement.aspx)

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