Economic news

Deutsche Bank to pay penalty for interest-rate manipulation

Deutsche Bank has agreed to pay $220m to settle U.S. regulatory probe into manipulating Libor and other benchmark interest rates.

During the investigation, New York Attorney General Eric Schneiderman established that since 2005 and throughout the economic crisis, the bank has manipulated the LIBOR rate, which sets rates for issuing credit cards, mortgages, student loans and other transactions.

Deutsche Bank provided false documents and tried to influence the workflow of other commercial banks in order to occupy the most profitable trading position.

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