Deutsche Bank says legal reserves cover most of EU fine
FRANKFURT (Reuters) - Deutsche Bank said it has set aside enough money to cover most of the 725 million euro ($985 million) fine levied by the European Union against the bank for its role in rigging benchmark lending rates.
"The settlement amount is already substantially reflected in the Bank's existing litigation reserves and no material additional reserves will be taken for this settlement," it said in a statement on Wednesday.
EU antitrust regulators fined six financial institutions a record total of 1.71 billion euros ($2.3 billion) on Wednesday for rigging financial benchmarks, with Deutsche Bank receiving the biggest fine.
($1 = 0.7360 euros)
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