Deutsche Bank has agreed to pay US$240 million to settle private US antitrust litigation accusing it of conspiring with other banks to manipulate the Libor benchmark interest rate, reported Reuters.
The preliminary settlement with the German bank was disclosed in filings on Tuesday, February 27, with the US District Court in Manhattan, and requires a judge’s approval.
Deutsche Bank is the third bank to resolve claims by so-called “over-the-counter” investors that transacted directly with banks on a panel to determine Libor.
Citigroup reached a similar US$130 million settlement last July, while the British bank Barclays settled for US$120 million in November 2015.
Deutsche Bank denied any wrongdoing, but settled to avoid the risks, costs and distraction of litigation, they stated.
In related news, German courts denied the extradition to Britain of four Deutsche Bank trades, sought by the UK’s Serious Fraud Office, as reported by Bloomberg on February 23.
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