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Deutsche Bank agrees to US$7.2b mortgage settlement with US

The bank will pay a civil monetary penalty of US$3.1b and provide US$4.1b in consumer relief, such as loan forgiveness

Deutsche says it expects to record a pretax charge of about US$1.17 billion in its fourth quarter because of the civil monetary penalty.

New York

DEUTSCHE Bank has agreed to a US$7.2 billion settlement with the US Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.

The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters...

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