EU: Deutsche Bank reaches US$170 million Euribor-rigging settlement

Deutsche Bank will pay US$170 million to settle an investor lawsuit claiming it conspired with other banks to manipulate the benchmark European Interbank Offered Rate and related derivatives.

A preliminary settlement was filed on Monday with the US District Court in Manhattan, and requires a judge’s approval.

It follows similar settlements with Barclays and HSBC, for a respective US$94 million and US$45 million, which have won preliminary court approval.

Euribor is the euro-denominated equivalent of Libor, a benchmark for setting rates on hundreds of trillions of dollars of credit cards, student loans, mortgages and other debt.

Investors accused banks of conspiring to rig Euribor and fix prices of Euribor-based derivatives from June 2005 to March 2011, to profit at their expense, in violation of US antitrust law.

Deutsche Bank did not admit wrongdoing and settled to avoid the cost and distraction of more litigation, court papers show.

Full Content: Market Watch

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