Deutsche Bank to fight $14 Billion Settlement Demand
Deutsche Bank said it would fight a $14 billion demand from US Department of Justice to settle claims that it mis sold mortgage backed securities. The claims against Deutsche far exceeds the expectations that the DOJ would only be looking for a figure up to 3 billion Euros (3.4 billion).
“Deutsche Bank said it would fight a $14 billion demand from US Department of Justice to settle claims that it mis sold mortgage backed securities.”
Deutsche bank only managed to scrape through European stress tests in July and has warned that it may need most cost cutting measures to turn itself around after revenue fell sharply in the second quarter due to market conditions and low interest rates. A $14 billion fine, or even half that sum, would rank among one of the largest paid by banks to U.S. authorities in recent years.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
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