Deutsche Bank to Pay $220 Million to U.S. States Over Libor
- German lender defrauded counterparties and boosted its trades
- Barclays paid $100 million last year to settle the same probe
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Deutsche Bank AG agreed to pay 45 U.S. states a combined $220 million to resolve a probe into interest-rate manipulation, more than twice the amount of Barclays Plc’s settlement last year.
The states’ investigation found that the German bank’s false rate submissions inflated borrowing costs linked to the London and U.S. dollar interbank offered rates, which are used to value trillions of dollars of securities and loans, New York Attorney General Eric Schneiderman said Wednesday in a statement.