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Deutsche Bank Agrees to Over $3 Billion in Settlement to US Justice Department
Deutsche Bank Agrees to Over $3 Billion in Settlement to US Justice Department
Sputnik International
Deutsche Bank has reached an agreement with the US Justice Department to pay $3.1 billion to settle mortgage-backed securities claims, the bank said. 23.12.2016, Sputnik International
2016-12-23T04:33+0000
2016-12-23T04:33+0000
2016-12-23T04:33+0000
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business, newsfeed, germany, deutsche bank, justice department
Deutsche Bank Agrees to Over $3 Billion in Settlement to US Justice Department
Deutsche Bank has reached an agreement with the US Justice Department to pay $3.1 billion to settle mortgage-backed securities claims, the bank said.
MOSCOW (Sputnik) – The settlement was agreed "in principle," Deutsche Bank said as quoted by The Wall Street Journal on Friday.
The bank will also have to provide $4.1 billion in consumer relief.
8 December 2016, 11:51 GMT
The total settlement is a lot less than the $14 billion that the US Justice Department had sought from the bank.
Deutsche Bank confirmed the start of negotiations with the Justice Department in September, saying that it considered $2-3 billion as a reasonable amount to settle the claims.
The bank reportedly already paid $1.9 billion in 2013 to settle some US claims related to mortgaged-backed securities.
Several major US banks have paid large settlements for allegedly providing misleading information to investors on the securities. In 2014, Bank of America Corp. paid $16.65 billion to settle such claims.
