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Despite LIBOR Manipulation, SEC Grants Deutsche Bank Waiver

Joe Mont | May 5, 2015

The Securities and Exchange Commission has agreed not to let accusations of LIBOR manipulation lead to the revocation of Deutsche Bank’s well-known seasoned issuer status, a streamlined process for issuing securities that large firms enjoy. The decision was detailed in a no-action letter issued on Monday.

Last month, Deutsche Bank and a U.K. subsidiary, DB Group Services, pleaded guilty to wire fraud for their role in manipulating the London Interbank Offered Rate, agreeing to pay $775 million in criminal penalties to the Department of Justice. That brought the total amount of penalties against the bank to $2.5 billion following similar settlements with the Commodity Futures Trading Commission, New York’s Department of Financial Services, and the U.K. Financial Conduct...

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