Deutsche Must Detail Role In $21.8M Metals Fraud Case
Law360, London (July 24, 2020, 7:53 PM BST) -- A judge on Friday ordered Deutsche Bank AG to respond to a commodity trader's assertions that the bank was an active buyer in the metals market, in litigation over an allegedly fraudulent $21.8 million aluminum transaction in which the bank says it only financed the spurious deal.
In its High Court suit, Singapore-based Mercuria claims it became the victim of a "wide-ranging fraud" after it bought 13,000 metric tons of aluminum from a Deutsche Bank client that it never received. On Friday, counsel for the commodity trader told Judge David Foxton the company sought extensive disclosure on the bank's general trading...
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