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Group of banks including Deutsche Bank AG fined 1.7 billion euros for benchmark rigging-Reuters

Tuesday, 3 Dec 2013 07:00pm EST 

Deutsche Bank AG:Is part of a group of European and American banks fined 1.7 billion euros ($2.3 billion) by the European Commission-Reuters.The fine is for the rigging of interest rate benchmarks.The benchmarks involved are the London interbank offered rate Libor, the Tokyo interbank offered rate and the euro area equivalents.The Commission said that Deutsche Bank AG was involved in the EURIBOR cartel for 32 months, for which it was fined 466 million euros.Deutsche Bank AG was also fined 259 million euros for 2 infringements regarding Yen Libor.The other banks involved include Citigroup, Societe Generale, Royal Bank of Scotland, JPMorgan and Barclays.