SACRAMENTO, Calif. (Legal Newsline) — California Attorney General Xavier Becerra announced Oct. 25 that Deutsche Bank will pay $220 million in a multi-state settlement after allegations of fraudulent manipulation of the London Interbank Offered Rate (LIBOR). California will receive about $29 million of the settlement funds.
“During the financial crisis, Deutsche Bank was consumed with increasing its profits at the expense of Californians,” Becerra said. “It manipulated interest rates hoping to turn a quick profit. In the process, they left government entities and non-profits in California hanging out to dry. This conduct is unacceptable and it is illegal. Banks and financial institutions do not get to play fast and loose with the law.”
California and New York led the case, assisted by group of 43 other attorneys general from Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.