Deutsche Bank was sued by Colin Fan, the former co-head of its investment banking unit, for at least $13m over unvested share awards the firm said were canceled after a probe into personal trades that breached conflict-of-interest rules.
Bloomberg News reports that details about Fan’s case were disclosed in a short claim form from July and the lender’s Sept. 29 defense documents that were released Friday. The suit, initially filed in London in January, criticizes the internal bank review of the trades and the decision to revoke the award of the unvested shares more than a year after he had left Deutsche Bank in November 2015.
The dispute is a window into Deutsche Bank, one of the world’s biggest lenders, since the ascent of John Cryan to chief executive officer and the departure of managers led by his predecessor, Anshu Jain. The CEO has pledged to improve the firm’s internal controls after a series of misconduct scandals saddled it with billions of dollars of losses and a tarnished reputation.
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