On the same day, Deutsche Bank entered into a Deferred Prosecution (DPA) agreement for the settlement of wire fraud and allegations of cartels related to its role in manipulating LIBOR in U.S. dollars and participating in a price cartel conspiracy to manipulate Yen-LIBOR. Together, Deutsche Bank and its subsidiary will pay $775 million in criminal penalties to the Department of Justice. Leveson LJ agreed that a DPA was preferable in this case, as Rolls-Royce had undergone fundamental changes since the investigation began: a new board of directors and a new management team had been put in place; new guidelines and procedures and cultivated a new culture. It is “in the interests of justice that the matter be resolved by the mechanism of a DPA” and not by criminal proceedings that would have a considerable impact on a change in activity. Finally, I will briefly address the panel I moderated. The panel examined the collateral consequences of convictions around the world. . . .