UNITED NEWS INTERNATIONAL (UNI) – Deutsche Bank agreed to pay a $205 million fine to New York State to settle currency manipulation claims.
State regulators announced the fine on Wednesday, June 20, following allegations that traders at Deutsche Bank had been manipulating the foreign exchange market for years.
The alleged violations — which included sharing confidential customer information, trading aggressively to rig prices and misleading customers — allegedly took place between 2007 and 2013.
State regulators said in Wednesday’s statement, by engaging in these activities the bank sought to diminish competition and increase profits.
Deutsche Bank said it is “pleased to resolve” the issue and a spokesperson told Reuters, “The settlement is fully covered by existing provisions.”
Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the currency market.
U.S. regulators have also charged other banks, including Barclays and Citigroup, hundreds of millions of dollars in fines.