Deutsche Says It's Not To Blame In $21.8M Metals Fraud Suit

Law360, London (May 13, 2020, 4:50 PM BST) -- Deutsche Bank AG has hit back at allegations it was involved in fraud at a Chinese metal warehouse, saying it had no physical role in handing over aluminum worth $21.8 million to a Swiss commodities trading house.

The German lender denied it had been caught up in the latest legal action over Chinese companies fraudulently overstating the commodities they hold. In its High Court suit, Mercuria Energy Trading PTE Ltd. claims Deutsche Bank acted as the middleman in the purchase of 13,000 metric tons from a third party, Qingdao Decheng Resources Co. Ltd., that it never received.

In defense documents filed...

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