Deutsche-Bank Photo: Dantadd, via Wikimedia Commons

Deutsche Bank has agreed to a $220 million, 45-state settlement over its role in the manipulation of the benchmark London Interbank Offered Rate, New York Attorney General Eric Schneiderman's office announced Wednesday.

“We will not tolerate fraudulent, manipulative or collusive conduct that interferes with or undermines confidence in our financial markets. Large financial institutions, like all other market participants, have to abide by the rules,” Schneiderman said in a statement.

Deutsche, along with more than a dozen other banks, helped set the interest rates for trading of the U.S. dollar and other currencies. The interest rate affects trillions of dollars worth of financial instruments.