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Prosecutor to Charge Former BayernLB Board, Sueddeutsche Says

Munich prosecutors plan to file embezzlement charges against all members of Bayerische Landesbank’s former board, Sueddeutsche Zeitung said, citing people close to legal circles.

The state-owned lender lost 3.7 billion euros ($5.5 billion) in its 2007 acquisition of Austrian Hypo Alpe Adria bank, the newspaper said. Matthias Priwitzer, a spokesman for BayernLB, declined to comment in a telephone interview today.