The Investment Industry Regulatory Organization of Canada (IIROC) said Thursday that additional settlement funds have been disbursed to eligible investors who purchased third-party asset-backed commercial paper (ABCP) from Deutsche Bank Securities Ltd. (DBS)
Cheques for their pro rata share of settlement funds were mailed to investors on September 30.
As previously announced in May 2013, IIROC appointed Ernst & Young Inc. to administer the distribution of the settlement funds to eligible investors who purchased ABCP issued by Coventree Inc. from DBS between July 25, 2007 and Aug. 10, 2007. (See Investment Executive, IIROC to distribute additional $1 million in ABCP funds, May 14, 2013.)
A total of $1 million plus interest earned on these funds, net of administration fees, has been disbursed to eligible investors. The monies were collected in an enforcement settlement agreed to by DBS.