CARSON CITY, Nev. — A Nevada health care network has recovered more than $600,000 in restitution stemming from a multistate deceptive trade practices settlement with Deutsche Bank led by Nevada Attorney General Adam Laxalt.
The settlement resolves allegations the bank manipulated the London Interbank Offered Rate (LIBOR) in an attempt to influence other banks' LIBOR submissions to benefit their trading positions, the Attorney General's Office said.
According to Laxalt's office, one of the hundreds of entities nationwide impacted by the Deutsche Bank's LIOBR manipulation was Nevada's Reown Health Foundation, whose restitution will be used for a new behavioral health and addiction institute.
“Big banks that engage in manipulative conduct defrauding Nevada’s not-for-profit organizations and government entities will continue to be investigated by my office,” Laxalt said in a statement.
“Renown Health was one of the not-for-profits adversely impacted by the Deutsche Bank LIBOR rate manipulation. We have taken an all-of-the-above approach to the opioid crisis, and we are heartened that Renown Health chose to use these funds to make a lasting investment in mental health and addiction recovery services.”
According to the Attorney General's Office, this year's Mental Health America State of Mental Health Report ranks Nevada 51st in the nation as having the highest prevalence of mental illness and substance abuse along with limited access to treatment and care providers.