Deutsche Bank agreed to pay 45 U.S. states a combined $220 million to resolve a probe into interest-rate manipulation, more than twice the amount of Barclays’ settlement last year.

The states’ investigation found that the German bank’s false rate submissions inflated borrowing costs linked to the London and U.S. dollar interbank offered rates, which are used to value trillions of dollars of securities and loans, New York Attorney General Eric Schneiderman said Wednesday in a statement.

“We will not tolerate fraudulent, manipulative or collusive conduct that interferes with or undermines confidence in our financial markets,” Schneiderman, who led the probe with California Attorney General Xavier Becerra, said in the statement.

The accord is the latest development in probes by governments around the globe into banks’ manipulation of benchmark interest rates, one of the key scandals that led to a cultural overhaul of the industry over the past decade. Global fines have topped $9 billion. Deutsche Bank paid $2.5 billion in penalties and disgorgements to resolve U.S. and U.K. investigations, and a unit pleaded guilty to wire fraud in connection with its role in the scandal. In July, the bank agreed to pay $77 million to resolve investor lawsuits in the U.S.

“This settlement resolves the bank’s final pending U.S. regulatory inquiry related to Libor (London Interbank Offered Rate),” Troy Gravitt, a spokesman for the bank in New York, said in a statement.

The bank admitted to allegations about how traders and managers engaged in the manipulation on an almost-daily basis from 2005 to 2009.

Copy the Story Link