Deutsche Bank to pay $2.5B fine to settle rate-rigging case

Deutsche Bank will pay a $2.5 billion penalty to United States and British authorities to settle accusations it helped manipulate the benchmarks used to set interest rates on trillions of dollars in mortgages, student loans, credit cards and other debt, American and British officials said on Thursday.

The New York Times reports the penalty becomes the largest fine in a yearslong investigation into large banks thought to have set the price of debt in a way it would be profitable for them. The largest fine had been $1.5 billion, paid by Swiss bank UBS in 2012.

Today's agreement settles claims Deutsche Bank employees in London and Frankfurt fixed interest rates deliberately and with the knowledge it was wrong between 2005 and 2009.

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