Germany Wants U.S. to Treat Deutsche Bank Fairly on $14bn Claim
Posted: Thu Sep 15, 2016 8:45 pm
In its worst day since Britain voted to leave the EU, Deutsche Bank shares fell 8.5 per cent to €11.99 on Friday, as investors fretted about the crippling impact of a $14bn (£10.5bn) possible fine over mis-selling mortgage securities in the US.
The penalty aims to settle the U.S. Justice Department’s allegations tied to mortgage-backed securities, dating back to 2005, about the way the bank selected mortgages, packaged them into bonds and sold on to investors.
German Chancellor Angela Merkel declined to comment on the decision. “I think it’s wise not to comment on this news from my side,” Merkel said when ... (read more)