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Deutsche Bank fined over Sumitomo scandal -paper

LONDON: The London Metal Exchange has fined German Deutsche Bank AG's metal trading unit 1.5 million pounds ($2.5 million) plus costs for its involvement in the Sumitomo Corp 8053.T copper trading scandal, the Times newspaper said.

The paper reported in its Friday edition that Deutsche Sharps Pixley Metals Ltd had agreed to pay the fine without admitting or denying the charge of failing to carry out adequate due diligence and failing to keep proper records.

It was the second largest fine ever imposed by the LME for breaches of its rules, the Times said.

Last summer Merrill Lynch paid an agreed 6.5 million pounds -Reuters