IIROC has released and distributed additional settlement funds to eligible investors who purchased third-party asset-backed commercial paper from Deutsche Bank Securities.
The Investment Industry Regulatory Organization of Canada (IIROC) has released and distributed additional settlement funds to eligible investors who purchased third-party asset-backed commercial paper (ABCP) from Deutsche Bank Securities (DBS).
Cheques for their pro-rata share of settlement funds were mailed to investors on September 30, the industry body said in a statement.
Deutsche-Bank Securities in February agreed to pay $1-million in a settlement with Canada’s securities regulator over the freeze-up of Canada’s non-bank asset backed commercial paper market in 2007.
In May, IIROC appointed Ernst & Young Inc. to administer the distribution of the settlement funds to eligible investors who purchased ABCP issued by Coventree from DBS between July 25-August 10, 2007.
A total of $1 million plus interest earned on these funds, net of administration fees, has been disbursed to eligible investors. The funds were collected in an enforcement settlement agreed to by DBS.
