Deutsche Bank Asset Management, the asset management unit of German banking colossus Deutsche Bank AG, has submitted proxy statements to the Security and Exchange Commission that outline the measures it plans to take in seeking a settlement with the regulator.
Since 2003, Deutsche Bank has been trying to reach a settlement with the SEC regarding market-timing charges in its group of Scudder Funds. The discussions are ongoing.
The settlement must cover disgorgements, penalties, and investor education contributions totaling approximately $134 million. Approximately $127 million of this amount would be distributed to the shareholders of the Scudder funds, according to the proxy filing.
Deutsche Bank Asset Management has neither admitted nor denied the charges.