Deutsche Bank to Pay $1.6 Million in Settlement With U.S. FERC

Deutsche Bank AG (DBK) will pay $1.6 million to resolve a dispute with the Federal Energy Regulatory Commission, averting a legal showdown with the U.S. agency that said a unit manipulated California’s power markets in 2010.

The bank within 10 days will pay a $1.5 million civil penalty and hand over $172,645 in profits, plus interest -- similar to what the agency proposed last year -- the FERC said in a statement today.

The Frankfurt-based bank didn’t admit or deny the violations, according to the statement.

To contact the reporter on this story: Brian Wingfield in Washington at bwingfield3@bloomberg.net

To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net

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