Deutsche Bank to fight $14bn mortgage investigation fine
Deutsche Bank says it has 'no intention' of paying the $14 billion cited by the U.S. Department of Justice to settle claims regarding its issuance and underwriting of residential mortgage-backed securities before the financial crisis.
The bank confirms market speculation of an opening position by the DoJ of $14 billion and that the DoJ has invited the bank as the next step to submit a counter proposal.
In a statement, Deutsche Bank said it "has no intent to settle these potential civil claims anywhere near the number cited" and that "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.
In April, Goldman Sachs agreed to pay $5.06 billion to settle similar claims after facing an initial $15bn fine.
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