Legal News

$1.9 Billion to Settle Deutsche Bank Lawsuit
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

In efforts between Deutsche Bank and the U.S. Federal Housing Finance Agency over mortgage-backed securities, Deutsche Bank, Germany’s biggest bank, will pay 1.4 billion euros which is $1.9 billion to settle a lawsuit. This lawsuit is Deutsche Banks’s single largest mortgage litigation case.

The lawsuit lists allegations that between 2005 and 2007 the Deutsche Bank did not properly disclose information about residential mortgage-backed securities they sold to U.S. taxpayer-owned mortgage financiers Fannie Mae and Freddie Mac.

  
What
Where


According to Yahoo Legal News, The U.S. Federal Housing Finance Agency has reached settlements with UBS and with JP Morgan Chase & Co Inc. The German bank also said it was working to resolve the host of other legal and regulatory problems.

Earlier in the month, the European Commission smacked Deutsche Bank with a 725 million euro penalty in an investigation into the rigging of benchmark inter-bank interest rates. U.S. and UK regulators have yet to fine Deutsche in the case. The U.S. Federal Housing Finance Agency had already sued 17 banks in the case.

The Deutsche bank, based in Germany, is the sixth institution to reach a settlement with the Federal Housing Finance Agency. The New York Times reports that, The Deutsche Bank said in a news release that it had largely set aside money in its legal reserves to pay for the settlement, which it said “resolves its single largest mortgage-related litigation issue.” The American Banker reported that Deutsche Bank’s shares rose 0.8 percent to 33.80 euros at 2:33 p.m. in Frankfurt, valuing the company at 34.5 billion euros ($1 = 0.7316 euros).

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Image Credit: www.news.yahoo.com





 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Senior Antitrust Associate Attorney

USA-CA-San Diego

San Diego office of our client seeks Senior Antitrust Associate Attorney with 7 years of experience....

Apply Now

Senior Antitrust Attorney

USA-WA-Seattle

Seattle office of a BCG Attorney Search Top Ranked Law Firm seeks Senior Antitrust Attorney with 9 y...

Apply Now

Patent Attorney

USA-DC-Washington

Washington, D.C. office of a BCG Attorney Search Top Ranked Law Firm seeks Patent Attorney with 1 ye...

Apply Now

RELEVANT JOBS

Litigation Attorney

USA-IL-Chicago

AV-rated, Chicago Loop defense firm of trial lawyers seeks associate attorneys to join our busy liti...

Apply now

Litigation Attorney (5+ years)

USA-FL-Fort Lauderdale

The Fort Lauderdale office of Kaufman Dolowich & Voluck seeks an experienced litigation associate wi...

Apply now

Director of Originations, Litigation Finance Investments

USA-TX-Dallas

Location is flexible nationwide -- NOT only Dallas. Job Summary Rapidly growing litigatio...

Apply now

Market Research Consulting Analyst for Litigation Projects

USA-MA-Waltham

Applied Marketing Science, Inc. (AMS) is a market research and consulting firm located in Waltham, M...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top