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Regulations

Deutsche to pay $70 million to settle interest-rate benchmark manipulation charges

Deutsche Bank Securities will pay $70 million to settle CFTC charges that it tried to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix global benchmark, the CFTC announced late Thursday.

The CFTC charged that from January 2007 through May 2012, Deutsche Bank Securities "made false reports and through the acts of multiple traders attempted to manipulate" the USD ISDAFIX, a global interest-rate benchmark, to benefit its derivatives positions, the Commodity Futures Trading Commission said in a news release.

The settlement is the second involving Deutsche Bank or its trading unit that the CFTC announced this week. On Monday, the agency announced Deutsche Bank Securities and its parent bank would pay $30 million to settle charges that it engaged in spoofing, or entering phony trade orders, to manipulate the price of precious metals futures contracts.

Also, Deutsche Bank is among nine banks named in a federal class-action lawsuit filed Jan. 16 by the $4.7 billion Colorado Fire & Police Pension Association, Greenwood Village, claiming they manipulated the Canadian dealer offered rate.

A Deutsche Bank spokesman said the company has "cooperated extensively with the CFTC's investigation and have undertaken significant efforts to remediate benchmark-related activities."