Per Reuters
Deutsche Bank tells investors there's no more guarantee on Russian stocks' full access
6/27/2023
Deutsche Bank has issued a note to investors, saying that they could no longer guarantee that owners of Russian stocks would still have full access to them. This came after some Russian shares went missing.
The bank mentioned a deficit in shares backing the depositary receipts (DRs) issued before the war in Ukraine. The deficit was reportedly due to Moscow's decision to allow investors to get local stock in exchange for their DRs.
The decision was reportedly made even without any insight from Deutsche Bank, the largest bank in Germany. After the changes were made, the company shares could no longer be reconciled with depositary receipts.
The affected shares included Aeroflot, a national airline; LSR Group, a construction firm; and Mechel and Novolipetsk Stell, which were mining and steel firms. No comments were gathered from any of the companies.
Deutsche Bank reportedly agreed to pay $75 million to settle a proposed class-action lawsuit alleging that they facilitated the illegal activities of Jeffrey Epstein.
The bank was reportedly sued alongside JPMorgan in November 2022 for alleged cover-up of the crimes of Jeffrey Epstein. Although separate lawsuits, the allegations were that they covered up Epstein's crimes.
See flow at unusualwhales.com/flow.
Other News:
- Deutsche Bank has agreed to pay $75 million to settle a proposed class-action lawsuit alleging the lender facilitated the late Jeffrey Epstein's sex-trafficking ring
- JPMorgan and Deutsche Bank sued in alleged cover-up of Epstein's crimes
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