While an official settlement is not yet public, it’s rumored that the U.S. Justice Department proposed that Deutsche Bank AG pay $14 billion to settle a case that dates back to the financial crisis, according to an article in The Wall Street Journal.
According to an the article by Aruna Viswanatha, Jenny Strasburg and Eyk Henning:
The U.S. Justice Department proposed that Deutsche Bank AG pay $14 billion to settle a set of high-profile mortgage-securities probes stemming from the financial crisis, according to people familiar with the matter, a number that would rank among the largest of what other banks have paid to resolve similar claims and is well above what investors have been expecting.
However, nothing is set in stone yet.
justiceleague00
Reblogged this on California Freelance Paralegal and commented:
The really outrageous part is that Deutsche Bank will be able to deduct some, if not all, of the penalty on their taxes. Not to mention that homeowners who got shafted will receive little if any benefit from this settlement. Just more window dressing.