US Authorities Fine Deutsche Bank $775m for Libor Rigging

[kreslik.news]

German banking giant Deutsche Bank and its UK subsidiary will pay a record a $775 million fine for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, the US Department of Justice said Tuesday.

Deutsche Bank’s London subsidiary DB Group Services, where most of those who manipulated the rate worked, signed a plea agreement with the government in which it admitted its criminal conduct and agreed to pay $150 million in fines.

In addition, Germany’s biggest bank agreed to pay additional $625 million criminal penalty for manipulating the London Interbank Offered Rates (LIBOR) for the US dollar ... (read more)