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Deutsche Bank to pay more than US$2.4b to settle mortgage case
[FRANKFURT] Deutsche Bank is expected to settle US investigations into past misselling mortgage-backed securities for more than US$2.4 billion, a German monthly magazine reported.
The US Department of Justice is expected to send Deutsche Bank a roughly 100-page statement of facts early next week, manager magazin said, adding that the document will specify how much Deutsche must pay to settle the case.
Deutsche Bank declined to comment.
In July, chief executive John Cryan said that he hoped to draw a line under the bank's four largest remaining litigation cases this year.
These comprise the mortgages case, alleged manipulation of foreign exchange rates, a probe into suspicious equities trades in Russia, and remaining investigations into alleged money laundering.