Matt Levine notes:

Deutsche Bank, like a lot of big banks, had a culture in which it was viewed as okay to manipulate Libor submissions to help its derivatives positions and/or to make itself look healthier. They were fined $2.5 billion.  The size of the fine was more closely related to the number and dumbness of the electronic chats than it was to any particular economic analysis.

Deutsch Bank accidentally lost some of its chats, which means that, if it paid $X million per embarrassing chat, it probably underpaid. Of course, lots and lots and lots and lots and lots of bad conversations are never preserved electronically, because they happen in person (or on unrecorded phone calls), and it seems weird to worry too much about these lost chats.

WIll Deutsch Bank be further fined for the lost chats?