Deutsche Bank to Pay $170 Million to Settle Investor Euribor Lawsuit
Deutsche Bank AG (DB) will pay $170 million to settle an investor lawsuit alleging it acted with other banks to manipulate the euro interbank offered rate, or Euribor.
The settlement was filed on Monday with a U.S. district court in Manhattan. Barclays PLC agreed to a $94 million settlement and HSBC Holdings PLC agreed to a $45 million settlement, filings show.
Euribor is a benchmark that helps set interest rates on trillions of dollars of loans, everything from mortgages to corporate loans to derivatives. Investors had accused banks of rigging Euribor-based financial products.
Deutsche Bank filed to avoid further distraction from legal proceedings, the filings show. A Deutsche Bank spokesman declined to comment on the matter.
The lender has paid billions of dollars to resolve a handful of large cases related to various trading allegations.
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June 13, 2017 04:58 ET (08:58 GMT)