Tipster Who Got $200 Million Blew Whistle on Benchmark Rigging
- Record payout stems from CFTC case as well as two others
- Whistle-blower’s lawyer says evidence first provided in 2012
The whistle-blower who received a record $200 million award provided regulators with extensive evidence that benchmark interest rates were being manipulated -- scandals that contributed to Libor’s demise and resulted in banks paying billions of dollars in fines.
The tipster’s attorney, David Kovel, said the individual first turned over documents and trading records to authorities in 2012, just as global watchdogs were launching investigations into the rigging of the London interbank offered rate. Kovel didn’t name the whistle-blower or where the individual worked. But the Wall Street Journal reported in May that Kovel represented a former Deutsche Bank AG executive who was in line to receive an enormous payout from the Commodity Futures Trading Commission for aiding the Libor probe.