Deutsche Bank faces union challenge to Las Vegas investment

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Deutsche Bank is facing a union challenge to a casino investment as a result of its involvement in the London Interbank Offered Rate manipulation scandal.

Bloomberg News reports that the bank, which in April agreed to a $2.5bn fine and settled fraud charges by U.S. and U.K. authorities, is being targeted by the Culinary Workers Union Local 226 in Las Vegas.

The union has asked Nevada casino regulators to review the bank’s 25% ownership of Station Casinos LLC.

'We are gravely concerned about the suitability of Deutsche Bank to hold, through a subsidiary, a 25% equity stake in Station Casinos', Maya Holmes, research director for the 55,000-member local, wrote in a June 17 letter.

The Culinary Workers Local 226 and Bartenders Local 165, affiliates of UNITE HERE, plan to picket Palace Station, a company casino near the Las Vegas Strip, on Friday.

To access the complete Bloomberg News article hit the link below:

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