Deutsche Bank is the eighth financial group to settle allegations of rigging interest rate benchmarks.
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U.S. and British regulators fined Deutsche Bank $2.5 billion and its British subsidiary pleaded guilty to criminal wire fraud Thursday as it became the eighth financial group to settle allegations of rigging interest rate benchmarks.U.S. regulators fined Germany's largest bank $2.175 billion and British watchdogs imposed a 227 million pound ($341 million) penalty for its role in a scam to manipulate the London Interbank Offered Rate (Libor) and its Euribor cousin – together benchmarks for hundreds of trillions of dollars of financial products and loans worldwide.Deutsche Bank's settlement dwarfs the previous $1.5 billion record demanded in 2012 from Switzerland's UBS.
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