DOJ: Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors

[Disir]

Deutsche Bank AG reached a final settlement with the U.S. Justice Department over its handling of mortgage-backed securities before 2008, resolving one of its biggest litigation risks.

The bank agreed to pay $7.2 billion and admitted to misleading investors, the Justice Department said on Tuesday. The penalty was in line with the bank’s Dec. 23 announcement that it had reached an agreement in principle in the matter. It will pay a $3.1 billion civil penalty and provide $4.1 billion in relief to homeowners.

“This resolution holds Deutsche Bank accountable for its illegal conduct and irresponsible lending practices, which caused serious and lasting damage to investors and the American public,” Attorney General Loretta Lynch said in a written statement. “Deutsche Bank did not merely mislead investors: It contributed directly to an international financial crisis.”

The final settlement caps a negotiation process that had sent the company’s shares to a record low in September, when Deutsche Bank said the Justice Department had made an opening request of $14 billion to settle. The news spurred concern that the bank might not have enough capital.

Deutsche Bank’s American depositary receipts declined about 3 percent to $18.61 at 3:11 p.m. in New York.
DOJ: Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors

And it will be even longer to nail them as slum lords.

 

[Manonthestreet]

thank god nobody goes to jail again

 

[EdwardBaiamonte]

thank god nobody goes to jail again

to jail for what? the govt guaranteed all the mortgages through Fanny Freddie so banks were correct that there was no risk!!

 

[Manonthestreet]

How bout fraud

 

[EdwardBaiamonte]

How bout fraud

so you think Fanny Freddie committed fraud when they guaranteed all those mortgages? Or Greenspan did when he implied that he would always print enough money to keep housing prices going up? Or people who lied about their incomes to get a mortgage?

 

[Manonthestreet]

How bout fraud

so you think Fanny Freddie committed fraud when they guaranteed all those mortgages? Or Greenspan did when he implied that he would always print enough money to keep housing prices going up? Or people who lied about their incomes to get a mortgage?

Do you play dense on purpose

 

[EdwardBaiamonte]

How bout fraud

so you think Fanny Freddie committed fraud when they guaranteed all those mortgages? Or Greenspan did when he implied that he would always print enough money to keep housing prices going up? Or people who lied about their incomes to get a mortgage?

Do you play dense on purpose

if dense say where or admit you lack the IQ for it