FRANKFURT, Germany, April 23 (UPI) -- Deutsche Bank has been fined $2.5 billion by regulators including the U.S. Department of Justice to settle interest rate manipulation accusations.
The record fine stems from accusations that the bank helped manipulate benchmarks used to set interest rates on on trillions of dollars in mortgages, student loans, and other debt.
The bank will pay $2.175 billion to the Department of Justice, the Commodity Futures Trading Commission and the New York State Department of Financial Services and about $340 million to the United Kingdom's Financial Conduct Authority.
In the investigation, more than 21 million electronic documents and 320,000 audio files were reviewed. Bank employees in London, Frankfurt, New York and Tokyo deliberately fixed interest rates from 2005 to 2011, according to authorities.
The previous record for the largest fine paid was by the Swiss bank UBS for $1.5 billion in 2012.
Co-Chief Executive Officers of Deutsche Bank Jürgen Fitschen and Anshu Jain released a statement:
"We deeply regret this matter but are pleased to have resolved it. The Bank accepts the findings of the regulators. We have disciplined or dismissed individuals involved in the trader misconduct; have substantially strengthened our control teams, procedures and record-keeping; and are conducting a thorough review of the Bank's actions in addressing this matter.This agreement marks another step in addressing the past and ensuring that the Bank earns back the trust of its clients, shareholders and society at large."
