Deutsche Bank to pay record fine in Libor scandal
Deutsche Bank has agreed to pay a massive penalty for its role in manipulating Libor interest rates. Germany’s biggest private lender is also forced to fire individual employees who engaged in misconduct.
The New York State Department of Financial Services (NYDFS) announced Thursday that Deutsche Bank had agreed to pay $2.5 billion (2.3 billion euros) to US and UK authorities as part of a legal settlement over the bank’s role in manipulating the London Inter Bank Offered Rate (Libor).
Germany’s biggest lender would also terminate and ban individual employees who engaged in miscounduct, NYDFS said in a statement. In addition, the bank would set up an independent monitor for interest rate manipulation as part of the deal.
NYDFS Superintendent Benjamin M. Lawsky said staff at the bank had engaged in a “widespread effort to manipulate benchmark interest rates for financial gain.”
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Source News: DW