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

Jan. 22 (Bloomberg) -- Deutsche Bank AG 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.