A PYMNTS Company

US: Deutsche Bank to pay $2.5 billion for Libor rate violations

By  |  April 23, 2015

Deutsche Bank will pay fines totaling $2.5 billion, and must terminate and ban certain employees who engaged in interest-rate rigging, New York State’s superintendent of financial services announced Thursday.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The penalty will see the bank pay $600 million to the New York State Department of Financial Services, $800 million to the Commodities Futures Trading Commission, $775 million to the Justice Department and £227 million ( to the UK’s Financial Conduct Authority.

    “Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain,” Superintendent Benjamin Lawsky said in a statement.

    As part of the settlement, Deutsche Bank’s London-based subsidiary pleaded guilty to criminal wire fraud and the parent group entered into a deferred prosecution agreement to settle U.S. wire fraud and antitrust charges. U.S. authorities said independent monitors would be installed.

     

    Full Content: The New York Times

     

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.