Deutsche Bank One of Sixteen Banks Sued for LIBOR Fraud

The US Federal Deposit Insurance Corporation (FDIC) is suing 16 prominent banks, including Deutsche Bank, for their involvement in an elaborate LIBOR (London Interbank Offered Rate) manipulation scheme. LIBOR rates refer to the average estimated interest rates used for lending purposes between banks calculated by interest rate submissions submitted by prominent banks in London. The FDIC claims that the 16 banks involved in the suit, including UBS, Barclays, Credit Suisse, and  Deutsche Bank, caused 38 banks to suffer significant financial losses. 

Deutsche Bank has already incurred a fine of  €725 million from the EU in the wake of the scandal. 

Read the full article here (English). 

Read the full article here (German).

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