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Deutsche Bank nears plea deal over Libor manipulation

Section: Daily Dispatches

By Ben Protess and Jessica Silver-Greenberg
The New York Times
Thursday, April 9, 2015

A long-running investigation into Wall Street's manipulation of interest rates is heading into a stark final chapter as authorities around the globe push Deutsche Bank to pay a record penalty and accept a criminal guilty plea for the unit at the center of the case.

Deutsche Bank, Germany's largest financial institution and one of several banks linked to the gaming of interest rates, is in talks to resolve the case as soon as this month, according to people briefed on the matter. A deal -- which involves federal prosecutors as well as New York State's financial regulator and regulators in London and Washington -- would be one of the last cases to arise from the sweeping investigation into the London interbank offered rate, or Libor.

The contours of Deutsche Bank's planned settlement, described by the people briefed on the matter who were not authorized to speak publicly, show the perils of going last. Collectively, the authorities are expected to collect more than $1.5 billion from Deutsche Bank, eclipsing all past settlements with banks accused of Libor manipulations. The Justice Department also conditioned the deal on one of the bank's British subsidiaries’ pleading guilty to fraud, in what would be the most significant banking unit to accept a criminal plea in the Libor investigation. ...

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