Ex-Deutsche Bank Executive Denies Index Rigging in Paschi Case

Former Deutsche Bank AG executive Michele Foresti, in key court testimony, denied he manipulated the firm’s indexes as part of an allegedly fraudulent scheme to help Banca Monte dei Paschi di Siena SpA conceal losses. Foresti, who has been charged with colluding with Paschi to falsify accounts and manipulate Paschi’s securities, blamed his former employer for a series of "startling" errors in its assessment of the 2008 transaction, including the allegation of potential rigging. Italian prosecutors have accused Deutsche Bank of running an international criminal association.