Eric Ben-Artzi, a former quantitative risk analyst for Deutsche Bank AG, alleged that Europe's biggest lender engaged in a multibillion-dollar securities violation. Deutsche Bank denied the allegation.
Ben-Artzi, who is suing the company for wrongful dismissal, told the U.S. Securities and Exchange Commission that from 2007 to 2010 the bank misrepresented the value of a portfolio with a notional value of as much as $130 billion, Labaton Sucharow LLP, the New York-based law firm representing Ben-Artzi, said on its website yesterday.
"The valuations and financial reporting were proper, and a significant portion of these positions were subsequently unwound in an orderly sale," Renee Calabro, a spokeswoman for Deutsche Bank in New York, said in a statement. The claims were false, and the bank will continue to cooperate with the SEC's investigation, she said.
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