Deutsche Bank Strikes $5M Deal To End Libor Suit

By Jessica Corso (August 1, 2022, 7:46 PM EDT) -- Deutsche Bank AG has agreed to end a seven-year lawsuit over the alleged manipulation of the British pound sterling Libor with a proposed $5 million class settlement in New York federal court.

The parties that filed the suit asked U.S. District Judge Vernon Broderick on Friday to preliminarily approve the settlement, saying it was a fair result for those investors who were harmed due to the manipulation of the sterling London Interbank Offered Rate over a six-year period starting in 2005.

"Representative plaintiffs' claims have substantial merit, but plaintiffs' counsel acknowledge the expense and uncertainty of continued litigation against Deutsche Bank,"...

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