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Deutsche Bank Spying Scandal Brewing
In a development reminiscent of the Hewlett Packard spying scandal from 2006, the German press is reporting that Deutsche Bank spied on certain of its board members and a “troublesome shareholder,” as well. According to Spiegel Online, an investigation commissioned by Deutsche Bank that resulted in a 150-page report by law firm Cleary Gottlieb Steen & Hamilton “has revealed that the bank spied on several of its management board members, supervisory board members and on at least one shareholder.”
Germany: BaFin Deepens Insider Trading Investigation Related to Premiere AG Securities
BaFin, Germany’s financial services regulator, anounced today that it has deepened its investigation into possible insider trading in shares of Premiere AG. The WSJ reports that the BaFin investigation relates to an October 2, 2008 press release from Premiere AG release in which it announced that it expected a 2008 operating loss and restated its [...]
Germany: Investigators Probe Possible Insider Trading by Ex-Managers at Hypo Real Estate
German prosecutors have launched several investigations into suspected insider trading at troubled lender Hypo Real Estate Holding AG. The AP reports that investigators are looking at the sale of large numbers of shares in the company before it first warned of troubles during the global financial crisis. Der Spiegel reports that several ex-managers as well [...]
Germany: BaFin Investigating Surge and Fall of VW Shares for Manipulation
Germany’s financial regulator, BaFin, has announced that it will investigate whether the huge jump and subsequent decline in Volkswagen’s share price was due to market manipulation, Citywire reports. Earlier this week, Volkswagen’s share price more than quadrupled after it was revealed that Porsche had built up a much larger stake in VW than was previously [...]
“Germany’s Dumbest Bank” Raided by Prosecutors and Police Over Lehman Bros. Debacle
German state-owned bank KfW, in business for over 60 years, saw its Frankfurt headquarters raided yesterday by German prosecutors and police yesterday over “suspected criminal breach of trust,” The Guardian reports. The investigation is looking into whether the bank’s executives acted criminally in allowing KfW to transfer €319m (approximately $426 million) to Lehman Brothers on [...]
Litigation from Daimler-Benz/Chrysler Combination Lives On in Stuttgart
Apparently the litigation following the 1998 — yes, 1998 — combination of Daimler-Benz AG with Chrysler Corp. will never end. The AP reports that in Stuttgart, Germany, former DaimlerChrysler AG CEO Juergen Schrempp was back on the witness stand rejecting allegations that the deal he oversaw to create DaimlerChrysler in 1998 undervalued his company’s shares. [...]