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Friday, September 16, 2016

Deutsche Bank Tumbles as DOJ Claim of $14 Billion Is Rebuffed

Deutsche Bank AG’s shares and its riskiest bonds dropped the most since Brexit after the lender said the U.S. Justice Department is seeking $14 billion to settle a probe tied to residential mortgage-backed securities, more money than it’s willing to pay.
“Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited,” the company said in a statement early Friday in Frankfurt. “The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.” READ MORE