Deutsche Bank indictment set to spur fresh lawsuits

The recent indictment of four employees at Deutsche Bank AG and its South Korean brokerage is expected to trigger a spate of lawsuits requesting compensation on losses caused by the German financial group's alleged stock manipulation, market watchers said Tuesday. The Seoul Central District Prosecutors' Office on Sunday indicted three foreign employees and one South Korean employee at Deutsche Securities Korea on allegations of stock manipulations that prompted the main stock index to plunge 2.7 percent on Nov. 11. Prosecution officials said they believe that employees of the German investment bank gave orders to the Seoul unit to place massive sell orders in the closing minutes of trading on that day, the expiry date of stock index options, adding the indictment was based strictly on evidence since the foreign employees refused to answer a subpoena issued in April.