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Libor Scandal Costs Deutsche Bank $2.5 Billion in Penalties

Jaclyn Jaeger | April 23, 2015

Deutsche Bank and its wholly owned subsidiary, DB Group Services (UK) Limited, today pleaded guilty to wire fraud for its role in manipulating the London Interbank Offered Rate and agreed to pay $775 million in criminal penalties to the Department of Justice, bringing the total amount of penalties against the bank to $2.5 billion.

“Deutsche Bank is the sixth major financial institution that has admitted its misconduct in this wide-ranging criminal investigation, and today’s criminal resolution represents the largest penalty to date in the LIBOR investigation,” said Assistant Attorney General Leslie Caldwell. 

DB Group Services (UK) Limited has agreed to plead guilty to one count of wire fraud, and to pay a $150 million fine, for engaging in a scheme to defraud counterparties to interest rate derivatives trades by secretly manipulating U...

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