Deutsche Bank said to have lost logs sought in interest-rate rigging probe

Deutsche Bank is seeking to recover internal electronic chat transcripts that were left out of disclosures to regulators during a probe into interest-rate rigging, according to sources.

The lender told regulators in May that a software glitch caused one of its chat systems to fail to archive files as far back as 2005, according to the sources, who asked not to be identified because the recovery process is not complete.

The New York Department of Financial Services, the state’s banking regulator, is investigating the matter, one of the people said.

Deutsche Bank agreed in April to $2.5bn (€2.28bn) in penalties to settle US and UK investigations into its role in rigging the London interbank offered rate.

The missing chats have the potential to reopen the settlement, said one of the people.

Still, in the chats that have recovered so far, the Frankfurt-based bank has not found any new material information related to the Libor case, said another of the people.

“After we discovered this software defect in one of our internal messaging systems, we reported it to our regulators and are presently working with them to rectify it,” Renee Calabro, a spokeswoman for Deutsche Bank in New York, said.

“We have been able to recover a majority of the chats via a back-up system.”

Bloomberg


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