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Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S.
Source: Reuters
BUSINESS NEWS | Fri Dec 23, 2016 | 12:06am EST
Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S.
By Karen Freifeld, Arno Schuetze and Kathrin Jones | NEW YORK/FRANKFURT
Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.
The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.
It also highlights the Justice Department's recent efforts to hold European banks accountable for shoddy securities that contributed to the U.S. housing market collapse.
The department sued Barclays PLC on Thursday over similar claims, after having reached $46 billion in settlements with U.S. banks over the last three years.
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Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S.
By Karen Freifeld, Arno Schuetze and Kathrin Jones | NEW YORK/FRANKFURT
Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.
The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.
It also highlights the Justice Department's recent efforts to hold European banks accountable for shoddy securities that contributed to the U.S. housing market collapse.
The department sued Barclays PLC on Thursday over similar claims, after having reached $46 billion in settlements with U.S. banks over the last three years.
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Read more: http://www.reuters.com/article/us-deutsche-bank-mortgages-settlement-idUSKBN14C041