Deutsche Bank Reportedly Ready for $2.4B Settlement

Sep 09, 2016

Another major bank is reportedly in line to settle charges stemming from problematic mortgage-backed securities (MBS) sales in the pre-recession years.

According to a Reuters report, the German monthly publication Manager Magazin is stating that Deutsche Bank is willing to enter a settlement with the U.S. Department of Justice (DOJ) for more than $2.4 billion that would cover mortgage-related cases, as well as other charges involving allegations of manipulating foreign exchange rates, money laundering and dubious equity trades in Russia. The DOJ is expected to submit a 100-page statement to the bank early next week that will outline the terms of the settlement.

Deutsche Bank did not offer any public response to this report. However, Deutsche’s CEO John Cryan had spoken in July about his hopes for a speedy closure on four litigation cases that the bank is still facing.

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Phil Hall

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Sep 09, 2016

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