Ex-Deutsche Bank Executive Denies Index Rigging in Paschi Case

  • Says trader’s "well done!" email not linked to Paschi deal
  • Deal was so large “entire bank” consulted for transaction
A logo sits on a sign outside the Deutsche Bank AG headquarters skyscraper buildings at night in Frankfurt, Germany.Photographer: Krisztian Bocsi/Bloomberg
Lock
This article is for subscribers only.

Former Deutsche Bank AG executive Michele Foresti, in key court testimony, denied he manipulated the firm’s indexes as part of an allegedly fraudulent scheme to help Banca Monte dei Paschi di Siena SpA conceal losses.

Foresti, who has been charged with colluding with Paschi to falsify accounts and manipulate Paschi’s securities, blamed his former employer for a series of "startling" errors in its assessment of the 2008 transaction, including the allegation of potential rigging.