Prosecutors Decline to Take Up Deutsche Bank Case, Attorney Says
Posted February 26, 2010 4:13PM PST

The chief prosecutor in Frankfurt, Germany, has chosen not to prosecute Deutsche Bank over allegations that investors were misled in connection with two life settlement funds set up by the bank, according to Karl-George von Ferber, one of the attorneys representing investors.

Von Ferber told The Life Settlements Wire in an email today that "the state attorney decided not to open proceedings against Deutsche Bank."

Another attorney handling the criminal case, Gerhard Strate, has appealed the decision and is seeking a copy of the state attorney's file, Von Ferber said. Strate had alleged that the bank either committed fraud or breach of fiduciary duty.

German retail investors who put hundreds of millions of dollars into the two funds have accused the bank of misleading them about the expected returns and setting up a structure that was rigged against them in favor of the bank.

A Deutsche Bank representative in Germany previously declined to comment on allegations of criminal misconduct involving Kompass Life Fonds 1 and Kompass Life Fonds 2.

For further details, read the March 4 issue of The Life Settlements Report.


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