Iowa part of $220 settlement with Deutsche Bank - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa part of $220 settlement with Deutsche Bank

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Iowa is part of a $220 million settlement with Deutsche Bank for rigging interest rate benchmarks.

Deutsche Bank will now pay Iowa’s largest pension fund more than $112,000, and make payments to any affected Iowa non-profit organizations, as part of the settlement.

This involves 45 state attorneys general.

The benchmark rate, called the London InterBank Offered Rate, "affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers."

The Iowa Public Employees' Retirement System will receive a $112,805 payment through the settlement.

Deutsche Bank will notify all governmental and not-for-profit entities with LIBOR-linked swaps and other investment contracts if they are eligible to receive part of the settlement.

The balance of the fund will be used to pay investigation-related costs and for other uses consistent with state laws.

Deutsche Bank is the second of several USD-LIBOR-setting panel banks under investigation by the state attorneys general to resolve the claims against it, and has cooperated with the investigation

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