BERLIN, Oct 23 (Reuters) - Deutsche Boerse said late on Monday a German court has refused to stop proceedings against its top executive who is faced with allegations of insider trading over share purchases.
Carsten Kengeter, who denies any wrongdoing and is cooperating with authorities, made share purchases shortly before formal merger talks with London Stock Exchange were announced and triggered a sharp rise in Deutsche Boerse’s shares.
Deutsche Boerse last month agreed to pay 10.5 million euros of fines to draw a line under allegations of insider trading, but the settlement is still pending approval in a Frankfurt court.
“In light of the significance of the proceedings the court considers it appropriate to continue the investigation proceedings at this time,” Deutsche Boerse said. (Reporting by Andreas Cremer, editing by David Evans)