FERC approves $1.5 million settlement with Deutsche Bank

A unit of German bank Deutsche Bank AG agreed to pay a civil penalty of $1.5 million to settle allegations by federal energy regulators of power market manipulation in California, according to an order on Tuesday.

In the order, the U.S. Federal Energy Regulatory Commission (FERC) said Deutsche Bank also agreed to disgorge "unjust profits" of $172,645.

The bank neither admits nor denies the violations, according to the order.

(Reporting By Scott DiSavino and David Sheppard in New York; Editing by Gerald E. McCormick)