West Virginia Attorney General Patrick Morrisey announced a $220 million settlement with Deutsche Bank for fraudulent conduct.
The actions by Deutsche Bank involved manipulating LIBOR, the London Interbank Offered Rate, which is known as a benchmark interest rate that affects investments. It has a widespread impact on global markets and consumers.
According to a news release from the state Attorney General’s office, the bank embezzled millions of dollars from government entities and not-for-profit organizations as an attempt to benefit its trading position.
A working group of 45 state attorneys general led the investigation, and revealed Deutsche Bank was manipulating the benchmark interest rate with inaccurate data and improper communications.
The news release states governmental and not-for-profit entities with LIBOR-linked swaps and other investment contracts with Deutsche Bank will be notified if they are eligible to receive a portion of the settlement.
Author: Liz McCormick
Liz is WVPB's Webmaster/Digital Coordinator and Eastern Panhandle Bureau Chief, based in Shepherdstown, WV on Shepherd University's campus. Liz is a native of Charleston, West Virginia. She received a M.A. in Strategic Communication from American University in 2022 and a B.A. in Communication and New Media from Shepherd in 2014. Prior to her role as webmaster, Liz was WVPB's Eastern Panhandle reporter from 2014-2022, the House of Delegates reporter on "The Legislature Today" from 2015-2017, and she covered K-12/higher education from 2020-2022. Liz has also worked as a technical assistant and associate producer on "The Legislature Today."
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