Deutsche Bank has settled a €152mn claim with former executive Dario Schiraldi, who alleged the bank unfairly blamed him for an Italian accounting scandal involving Monte dei Paschi di Siena. Schiraldi was one of six former Deutsche employees convicted in 2019 in Milan for aiding false accounting and market manipulation, though convictions were overturned on appeal in 2022 and upheld by Italy’s Supreme Court in 2023. He and colleagues Michele Faissola, Ivor Dunbar, Marco Veroni, and Matteo Vaghi sued Deutsche in Frankfurt and London over career damage.

The settlement resolves one of several claims; Deutsche still faces over £600mn in London lawsuits from four other former bankers. The bank stated the settlement removes uncertainty and avoids legal costs, with only a small financial impact on quarterly results. The dispute stems from 2008 derivatives deals between Deutsche and Monte dei Paschi, investigated internally from 2013 under current CEO Christian Sewing.

Italian prosecutors claimed the transactions concealed MPS losses, implicating Deutsche and its employees.