Tony Webster
This money will go to settle the lawsuit of investors who said that Deutsche Bank, along with other banks, manipulated the interbank offering rate of Euribor. At the same time, British Barclays will have to pay a fine of $ 94 million. Another case person, HSBC, agreed on a settlement for $ 45 million.
The scandal, associated with the machinations with LIBOR and EURIBOR rates, began in 2011. Traders of the banks, being admitted to the bidding process, provided deliberately incorrect readings from the market in order to influence the bet. The investigation of the European authorities began in October 2011. In 2013, the European Commission fined nine banks for € 1.7 billion for manipulating EURIBOR, including Deutsche Bank.
German politicians suspect that in fact Deutsche Bank simply became the goal of a well-planned speculative attack.
This year, Deutsche Bank is getting fined almost intermittently. At the end of May, the US Federal Reserve System ordered the bank to pay $ 41 million due to the fact that the latter did not take sufficient measures to prevent money laundering. In January of this year, the bank was fined in the States for $ 425 million for a scheme of "mirror transactions" with Russian shares. According to the New York Department of Financial Services, this story involved clients who bought shares in Russia, as well as other interested parties who shortly afterwards sold the same securities through the London branch of Deutsche Bank. Part of the operations took place through the bank's office in New York.
At the end of March this year, the Connecticut court ruled that the Deutsche Bank Group Service is obliged to pay a $ 150 million fine due to manipulation of interest rates. In April, the Federal Reserve fined the German bank by $ 156 million. The reason is unsafe operations in foreign exchange markets.
source: handelsblatt.com
The scandal, associated with the machinations with LIBOR and EURIBOR rates, began in 2011. Traders of the banks, being admitted to the bidding process, provided deliberately incorrect readings from the market in order to influence the bet. The investigation of the European authorities began in October 2011. In 2013, the European Commission fined nine banks for € 1.7 billion for manipulating EURIBOR, including Deutsche Bank.
German politicians suspect that in fact Deutsche Bank simply became the goal of a well-planned speculative attack.
This year, Deutsche Bank is getting fined almost intermittently. At the end of May, the US Federal Reserve System ordered the bank to pay $ 41 million due to the fact that the latter did not take sufficient measures to prevent money laundering. In January of this year, the bank was fined in the States for $ 425 million for a scheme of "mirror transactions" with Russian shares. According to the New York Department of Financial Services, this story involved clients who bought shares in Russia, as well as other interested parties who shortly afterwards sold the same securities through the London branch of Deutsche Bank. Part of the operations took place through the bank's office in New York.
At the end of March this year, the Connecticut court ruled that the Deutsche Bank Group Service is obliged to pay a $ 150 million fine due to manipulation of interest rates. In April, the Federal Reserve fined the German bank by $ 156 million. The reason is unsafe operations in foreign exchange markets.
source: handelsblatt.com
