Virginia benefitting in multistate Deutsche Bank settlement

Virginia benefitting in multistate Deutsche Bank settlement

The interest-rate manipulation activities that led to the settlements with both Barclays and Deutsche Bank involved a financial benchmark known as the London Interbank Offered Rate, or LIBOR.

"This settlement resolves the bank's final pending USA regulatory inquiry related to Libor", Deutsche Bank spokesman Troy Gravitt said in a statement about Wednesday's accord.

After investigative costs and expenses, the state settlements total more than $213 million. "Large financial institutions, like all other market participants, have to abide by the rules", said Attorney General Schneiderman. “It hurt entities in Idaho, which affected taxpayers around the state.

Deutsche Bank cooperated with the states' investigation, according to the settlement agreement.

LIBOR is used to establish interest rates on all types of loans worldwide, which means the rate can impact municipal financial investments and bonds, adjustable rate loans, mortgages and student loans.

Deutsche Bank employees improperly made internal requests for LIBOR submissions to benefit Deutsche Bank's trading positions, Bondi's office said.

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An investigation led by the attorney generals of NY and California revealed that Germany's largest lender had made false London interbank offered rate (Libor) submissions between 2005 and 2010 and its traders had attempted to influence other banks' Libor submissions to benefit their trading positions. At times, Deutsche Bank LIBOR submitters and supervisors acknowledged the requests and indicated they would work to implement them.

The investigation found that from as early as 2005 Deutsche Bank had acted unlawfully in their misrepresentation of LIBOR rates.

Government entities and not-for-profit organizations in Maryland and throughout the US, among others, were defrauded of millions of dollars when they entered into swaps and other investment instruments with Deutsche Bank without knowing that Deutsche Bank and other banks on the USA dollar (USD)-LIBOR-setting panel were manipulating LIBOR and colluding with other banks to do so. "Even though these rates are material terms of LIBOR-referenced transactions, Deutsche Bank employees did not disclose these facts to the governmental and not-for profit counterparties who executed the transactions with the bank". A host of entities including the New Jersey Turnpike Authority and Shore Memorial Medical Center in Atlantic County were defrauded of millions of dollars by entering into swaps and other transactions with Barclays without knowing about the ongoing LIBOR manipulation, officials said previous year when the settlement was announced.

Deutsche Bank is the second bank to settle the multistate probe, following a $100 million settlement by Britain's Barclays Plc BARC.L in August 2016. The investigation into the conduct of several other USD LIBOR-setting panel banks is ongoing.

The New Jersey Attorney General's Office is part of a leadership group that's investigating LIBOR-related bank conduct that also includes officials from California, Connecticut, Florida, Illinois, Maryland, Massachusetts, and NY.

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