Germany's Largest Bank Fined Record $2.5 Billion In Rate-Fixing Scandal

April 23, 2015 2:58 PM

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The headquarters of Deutsche Bank in Frankfurt. Germany's largest bank has been hit with a $2.5 billion fine for manipulating a key interest rate. Seven other banks in various countries have also been fined in the far-reaching scandal.

Deutsche Bank, Germany's largest bank, has been fined $2.5 billion dollars by U.S. and U.K. regulators for trying to manipulate the so-called Libor rate, a benchmark for inter-bank loans, which in turn is used to set interest rates on everything from credit card debt to mortgages.

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