Slaughters and Paul Weiss advise Deutsche Bank as it is hit with $2.5bn fine
Bank is heavily sanctioned for its part in Libor rate-fixing scandal and misleading the regulator
April 23, 2015 at 10:35 AM
2 minute read
Slaughter and May, Paul Weiss Rifkind Wharton & Garrison and Hengeler Mueller have advised Deutsche Bank as it was hit with a record $2.5bn (£1.7bn) fine for its part in the Libor manipulation scandal.
The bank was fined by US and UK regulators today after they found staff had manipulated the Libor base exchange rate and other exchange rates.
Deutsche will have to pay $2.2bn (£1.5bn) to US regulators and £227m ($340m) to the UK's Financial Conduct Authority (FCA).
The fine is the largest handed out to any bank involved in the Libor scandal.
Slaughters' team is being led by its head of dispute resolution, Deborah Finkler, and disputes and litigation partner Ewan Brown.
Hengeler Mueller is fielding a team headed by Frankfurt-based partner Sven Schneider.
Paul Weiss' team is being led by litigation partners Roberto Finzi, Ted Wells and Andrew Finch.
The FCA's fine was large in part because Deutsche "misled" the regulator during its investigation.
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: "The bank took far too long to produce vital documents and it moved far too slowly to fix relevant systems and controls.
"This case shows how seriously we view a failure to cooperate with our investigations and our determination to take action against firms where we see wrongdoing."
The US Department of Financial Services' superintendent, Benjamin Lawsky, said Deutsche employees had "engaged in a widespread effort to manipulate benchmark interest rates for financial gain".
He added: "While a number of the employees involved in misconduct have already left the bank, those who remain are being terminated or banned from the New York banking system.
"We must remember that markets do not just manipulate themselves: it takes deliberate wrongdoing by individuals."
Deutsche has previously turned to Freshfields Bruckhaus Deringer for support on regulatory matters. The firm advised the bank on the foreign exchange market manipulation (forex) case last year.
Slaughters advised fellow bank JPMorgan Chase during the regulators' investigation into the forex scandal. JPMorgan was eventually fined $1bn (£634.6m) by the regulators.
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