News

< Back to news headlines

12 June 2017 - Deutsche to pay US$170m Euribor-rigging settlement
Deutsche Bank
Source - http://uk.reuters.com/article/us-deutsche-bank-euribor-settlement-idUKKBN1932HV
Where - United States of America
Cost - 170,000,000 USD
Business line - Trading and Sales

Deutsche Bank will pay a US$170m settlement to draw a line under a lawsuit brought against it by investors over alleged rate rigging.

The suit claims that Deutsche colluded with other banks to manipulate the Euribor benchmark and related derivatives. The alleged rigging took place between June 2005 and March 2011, allowing the bank to profit at the investors’ expense and violating US anti-trust legislation.

Similar settlements have won preliminary court approval for Barclays (US$94m) and HSBC (US$45m).

This the latest in a string of fines and settlements paid by Deutsche over the past few years. It has paid out US$16.8bn in legal bills since 2009.

The plaintiffs include the California State Teachers' Retirement System (CalSTRS) and Connecticut-based FrontPoint Australian Opportunities Trust.

The investors were also looking to take action against a number of other banks for rate rigging, but most of the claims were dismissed by the same judge in February.