Banking, finance, and taxes
Deutsche Bank Rebuffs US Effort to Fine It $14 Billion -- Bloomberg
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According to Bloomberg, Deutsche Bank A.G. (NYSE: DB) has just turned down a request by the U.S. government to fine it $14 billion for its role in the financial debacle that nearly destroyed the American financial system.
Deutsche Bank AG slumped after receiving a $14 billion claim from the U.S. Justice Department to settle an investigation into the firm’s sale of residential mortgage-backed securities, a figure the German lender said it’s not 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.”
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