Yesterday's rate rigging is today's tax evasion vis-à-vis carbon-emissions trades. What will tomorrow's multi-million or billion dollar fine cover? Stay tuned.

The bank paid back 220 million euros ($245 million) of tax refunds that were uncovered during the investigation, according to the prosecutor’s statement Thursday...The case is part of a seemingly never ending litany of legal headaches faced by the bank, including probes of currency manipulation and a Munich fraud trial where Fitschen and four former chief executive officers are defendants. Deutsche Bank’s bill for fines and legal settlements surpassed 11 billion euros in the second quarter, according to calculations by Bloomberg. The company said last month that the cost of litigation will “remain a burden in the coming quarters.”

Deutsche Bank Employees Said to Be Charged in Carbon Tax Probe [Bloomberg]