A PYMNTS Company

US/UK: Deutsche Bank LIBOR fines could surpass $1B

 |  October 26, 2014

Deutsche Bank is preparing to pay nearly $1.3 billion in fines for its role in the LIBOR manipulation scandal, which is still sending shockwaves throughout the world’s financial institutions.

According to two unnamed sources, the German lender could pay nearly $1.3 billion to US and UK authorities to settle allegations of conspiring to manipulate the LIBOR benchmark rate. One source said Deutsche Bank is looking to clear its slate clean of all LIBOR-related litigation by the end of the year.

Deutsche Bank declined to comment on the matter, say reports.

The bank has already spent more than $7.7 billion in the last two-and-a-half years in efforts to move past litigation and various investigations, but reports say Deutsche Bank considers the LIBOR case the most important. The bank has never revealed how much it has put aside for penalties related to the LIBOR scandal.

Full content: Reuters

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