April 23, 2015

German-based Deutsche Bank AG and its UK-based subsidiary DB Group Services (UK) Limited agreed to pay more than $2.5 billion to settle US and UK allegations relating to their role in manipulating and false reporting of the London Interbank Offered Rate (LIBOR) and Euribor.  In addition to the monetary payout, DB Group Services agreed to plead guilty to wire fraud and Deutsche Bank entered into a deferred prosecution agreement to resolve wire fraud and price-fixing charges. The settlement payment consists of an $800 million CFTC penalty, a $600 million penalty payable to the New York Department of Financial Services, $344 million payable to the U.K. Financial Conduct Authority (FCA) action, and criminal penalties and disgorgement payable in an agreement with DOJ, including a $150 million fine payable by DB Group Services and a $625 million penalty payable by Deutsche Bank.  DOJ; CFTC; NY

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Financial Institution Fraud, Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,