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Deutsche Bank settles US LIBOR lawsuit for $240M

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Deutsche Bank settles US LIBOR lawsuit for $240M

Deutsche Bank AG agreed to pay $240 million to resolve a private U.S. antitrust lawsuit by so-called over-the-counter investors accusing it of colluding with other lenders to rig the London Interbank Offered Rate, Reuters reported, citing filings with the U.S. District Court in Manhattan, N.Y.

The preliminary settlement will require a judge's approval. The German lender did not admit any wrongdoing but opted to settle to avoid the costs, risks and distraction of a trial, according to the court filings.

In July 2017, Citigroup Inc. settled a similar U.S. LIBOR-rigging lawsuit for $130 million, while Barclays Plc agreed to settle for $120 million in November 2015.