December 12, 2012 / 1:50 PM / in 5 years

Deutsche Bank watchdog dismisses false accounting claims - sources

FRANKFURT, Dec 12 (Reuters) - Deutsche Bank’s risk committee has found no need for a fresh investigation of allegations the lender failed to recognise billions of euros in unrealised losses during the financial crisis, two sources said.

Deutsche Bank declined to comment.

Last week, law firm Labaton Sucharow LLP said Eric Ben-Artzi, a former quantitative risk analyst at Deutsche Bank, used a whistleblower programme to tell the U.S. Securities and Exchange Commission the bank failed to report the value of its credit derivatives portfolio correctly from 2007-10.

The Financial Times reported at the time that the unrealised losses totalled up to $12 billion.

Deutsche Bank has rejected the claims as unfounded. One of the sources said on Wednesday the German lender’s risk committee discussed the allegations in recent days.

In June 2011, Reuters reported on a Sarbanes-Oxley whistleblower action filed against Deutsche Bank in May 2010 alleging assets in a derivatives portfolio may have been improperly valued to hide trading losses.

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