Deutsche Bank Pays $2.5 Billion To Settle LIBOR Manipulation Suit
ByDeutsche Bank on Thursday agreed to pay a total of $2.5 billion to four regulators in the U.S. and U.K., and install in independent monitor as part of a settlement over claims that traders at German banking giant manipulated key interest rate benchmarks such as the London Interbank Offered Rate (LIBOR) and similar rates priced in Euros and Yen.
Benjamin Lawsky, superintendent of the New York Department of Financial Services, said on Thursday the settlement includes a ban on Deutsche Bank traders who engaged in interest rate manipulation, including the firing of seven executives in Europe who remain employed by the bank. As a result of its investigation, Lawsky said ten Deutsche Bank employees were already fired, however, four of those employees were later re-instated by German courts. Those reinstated employees will not be allowed to hold compliance jobs, submit interbank offered rates or handle U.S. dollar transactions…
Deutsche Bank Pays $2.5 Billion To Settle LIBOR Manipulation Suit
