Virginia benefitting in multistate Deutsche Bank settlement
Virginia benefitting in multistate Deutsche Bank settlement
The settlement adds to a list of hefty payouts Deutsche Bank and other giants racked
26 October, 2017, 07:25
The sum is more than twice the $100m British bank Barclays agreed to pay past year to end a similar probe.
Specifically, these Virginia entities are getting a share of an overall $220-million settlement with Attorneys-General in 45 states after catching Deutsche Bank and others manipulating the "London Interbank Offered Rate" - or LIBOR.
California Attorney General Xavier Becerra announced Wednesday that state governmental and nonprofit entities that invested with Deutsche Bank will receive approximately $29 million as part of the deal. A panel of banks submit their rates each day to establish the daily benchmark for 10 different currencies, including USA dollars.
Given this conduct, Deutsche Bank LIBOR submitters and management had strong reason to believe that Deutsche Banks and other banks LIBOR submissions did not reflect their true borrowing rates. LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers.
The LIBOR manipulation represents one of the largest financial scandals ever, Wasden said.
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Deutsche Bank admitted to allegations that from 2005 to 2009, it made false or misleading Libor submissions, tried to influence other banks' submissions to benefit its own trading positions, and concealed its deception from customers. LIBOR manipulation hurt government and not-for-profit counterparties in Missouri and across the country. Government agencies like school districts and municipalities and nonprofits with Libor-related investments will be notified if they are eligible to receive a distribution from a nationwide settlement fund. What Deutsche Bank did was very wrong, but this settlement is a step towards making amends for those transgressions..
"This kind of conduct undermines public confidence in our financial institutions and the integrity of the financial markets, and that erosion of public confidence can result in damage to the entire economy", Porrino said.
The latest settlement was announced by top attorneys in NY and California, who led the investigation into interest rate rigging on behalf of 45 states.
An investigation into other banks continues. "They manipulated interest rates hoping to turn a quick profit". At times, Deutsche Bank LIBOR submitters and supervisors expressly acknowledged and indicated they would work to implement the requests they received. 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 past year when the settlement was announced.
Forty-five state attorneys general participated in the investigation that revealed that Deutsche Bank manipulated LIBOR several ways.
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