Prosecutors in Frankfurt have dropped a case against five former Deutsche Bank employees over an investigation into alleged manipulation of Libor, as the prosecutors could not find any indication of fraud on the part of the accused, and the law provided no basis for prosecution, said public prosecutor Nadja Niesen. Last year, Deutsche Bank agreed with U.S. and British authorities to pay a record $2.5 billion to resolve investigations it had manipulated benchmark interest rates, which are used to price loans and contracts around the world. The decision to drop charges came after investigators found that there was insufficient evidence to prove criminal intent or intentional misconduct by the employees, who were accused of manipulating interest rates at Deutsche’s German subsidiary.
Prosecutors in Frankfurt have dropped a case against five former Deutsche Bank employees over an investigation into alleged manipulation of Libor, as the prosecutors could not find any indication of fraud on the part of the accused, and the law provided no basis for prosecution, said public prosecutor Nadja Niesen. The decision to drop charges came after investigators found that there was insufficient evidence to prove criminal intent or intentional misconduct by the employees, who were accused of manipulating interest rates at Deutsche’s German subsidiary.