Deutsche Bank to Credit Investors $170 Million in Settlement

Deutsche Bank will be paying $170 million following an investor lawsuit Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, in which the financial entity was accused of conspiracy to rig the Euribor, the benchmark European Interbank Offered Rate, and related derivatives. The preliminary settlement currently awaits a judge’s approval after the document was filed at the U.S. District Court in Manhattan on Monday.

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Deutsche Bank is accompanied by HBSC and Barclays Plc, which have been named as the two other accused entities involved in the alleged fraud. Barclays Plc and HSBC will credit investors $94 million and $45 million respectively, according to their court approved settlement agreements. The three banks are accused of allegedly tampering with the Euribor and fixing the prices of Euribor-based derivatives between June 2005 and March 2011. This is a breach of U.S. antitrust law.

In February earlier this year, U.S. District Judge Kevin Castel in Manhattan, who is overseeing the legal action, refused to accept the majority of the investors’ claims which were made against other banks. In addition, regulators imposed over $4 billion in penalties against several banks, stated Castel.

Though Deutsche Bank has not verified that it wronged its clients, the financial institution has chosen to credit investors rather than spend more time and money on possible further litigation, according to the court papers. The legal bills alone have reached over $16.8 billion, starting back in 2009.

The Euribor is a euro-based equivalent of Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term, a benchmark utilized to set rates on hundreds of trillions of dollars in credit cards, mortgages, student loans, and other kinds of debt.

In 2015, Finance Magnates covered Deutsche Bank having hired Mark Cullen to fill the position of Global Head of Group Audit.