Wednesday, 25 October 2017

Deutsche Bank to pay $220m over Libor probe

Deutsche Bank has agreed to pay $220m (£150m) to resolve a US investigation into its manipulation of interest rates.

It is the latest settlement stemming from banks' involvement in the rigging of the benchmark Libor rate.

The sum is more than twice the $100m British bank Barclays agreed to pay last year to end a similar probe.

It comes on top of a $2.5bn fine US and UK regulators levied against Deutsche in 2015, also over rate fixing.

The latest settlement was announced by top attorneys in New York and California, who led the investigation into interest rate rigging on behalf of 45 states.
The probe found that Deutsche Bank defrauded government entities and charities by making false or misleading submissions to set benchmark rates, including Libor, and trying to influence submission proposed by other banks.

The aim was to move the rates to benefit internal trading positions.

The misconduct started as early as 2005 and continued through the global financial crisis.

BBC          News.

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