Deutsche Bank agreed in April 2015 to pay a then-record 2.5 billion dollars to U.S. and UK regulators to settle allegations that its traders manipulated the London Interbank Offered Rate (Libor) and other benchmark interest rates for years to benefit trading positions and make the bank appear more financially stable. The bank was also required to fire several employees and install an independent monitor, part of a wider Libor-rigging scandal that implicated more than a dozen major global banks. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
Facts
Event TypeMarket manipulation scandal 1 Connections
Associated With
Source Wikipedia, Libor Scandal
Deutsche Bank paid a record 2.5 billion dollar fine in 2015 for its role in manipulating the Libor benchmark interest rate, one of the largest penalties in the wider Libor manipulation scandal.
Source Wikipedia, Libor Scandal
Companies Involved
Source Wikipedia, Libor Scandal
Sources
1. Wikipedia, Libor Scandal
WikipediaLead section, opening paragraph
The scandal arose when it was discovered in 2012 that banks were inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.
- Associated With: Deutsche Bank
- Associated With: Finance
- Companies Involved: Deutsche Bank
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