Deutsche Bank is in talks to settle accusations --leveled by a quartet financial watchdogs--of manipulating a key interest rate, according to a report by the New York Times. The report indicates that Germany's largest bank, which is one of several firms charged with rigging the so-called London Interbank offered rate, could accept a criminal-guilty plea and a hefty $1.5-billion fine to resolve the allegations. In an emailed statement sent to MarketWatch, a Deutsche Bank spokeswoman said the bank is working with authorities but declined to comment further. "We continue to work with the authorities that are reviewing interbank offered rates matters," the spokeswoman wrote. The Department of Financial Services run by Manhattan regulator Ben Lawsky, the Financial Conduct Authority of Britain, the Commodity Futures Trading Commission and the U.S. Justice Department are among the authorities involved in investigating the matter. Libor is an interest-rate benchmark used to set borrowing costs on everything from home loans to credit-card debt and was typically set by a group of large money-center lenders.
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