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Deutsche Bank whistleblower gets $200 million record reward for exposing LIBOR rigging
By Stefania Palma and Neil Hume
Financial Times, London
Friday, October 22, 2021
The Commodity Futures Trading Commission has awarded almost $200 million to a former Deutsche Bank employee who raised concerns about the manipulation of the Libor interest rate benchmark, marking the largest-ever payment under U.S. whistleblower programmes.
The U.S. derivatives regulator said the payment had been made for "timely original information" that significantly contributed to an already "open investigation."
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This led to a "successful enforcement action, as well as to the success of two related actions, by a U.S. federal regulator and a foreign regulator," the CFTC said in a statement. The agency did not identify the whistleblower, his employer, or the associated regulatory action.
But people familiar with the matter said the award was related to a $2.5 billion settlement paid by Deutsche Bank after a regulatory investigation into the manipulation of Libor, the disgraced interest rate benchmark underpinning global finance that was found to have been rigged by bankers a decade ago and that will begin to fade away next year. ...
... For the remainder of the report:
https://www.ft.com/content/95898e54-9975-4eff-bf97-298f3d67ef61
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