Deutsche Bank is paying $425 million to settle a US investigation into alleged mirror trades used to launder $10 billion out of Russia. New York’s Department of Financial Services announced the civil settlement. The UK’s Financial Conduct Authority is expected to announce a separate settlement. The combined fine is expected to fall short of $1 billion, according to reports. The bank said the DFS settlement was already reflected in its litigation reserves and said it was cooperating with other investigations. The bank still faces a US Department of Justice criminal investigation into the trading. The bank finalized a $7.2 billion deal with the DoJ to settle allegations that it mis-sold mortgage-backed securities before the financial crisis, which left the Russia investigation as one of the most prominent uncertainties for investors. The current settlement relates to an alleged trading scheme that operated from 2011 through early 2015
