Washington — A US regulator handed a record reward of almost $200m in a whistle-blower case, with sources familiar with the matter identifying the recipient as a former Deutsche Bank employee.
The US Commodity Futures Trading Commission announced the award on Thursday, without disclosing details about the whistle-blower or the case. It said the award was for “nearly $200m”.A Deutsche Bank spokesperson declined to comment. In the past decade, authorities globally have levied multibillion-dollar fines and pursued criminal charges against banks and traders for banding together to rig global benchmarks, most notoriously the London Interbank Offered Rate .
Law firm Kirby McInerney said in a statement its client scored the record bounty after providing extensive information and documents in 2012 that “catalysed” investigations by the CFTC and a foreign regulator into benchmark manipulation. David Kovel, the whistle-blower's attorney from Kirby McInerney, said: “The whistle-blower award amount may seem shocking but it's because the ability to manipulate and make huge profits is shocking. It follows from the misconduct.”US legislators recently passed legislation to keep the CFTC's whistle-blower programme afloat.
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