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Deutsche Bank settles $1.9 billion suit over faulty mortgages

deutsche bank


by Joseph Earnest  December 20, 2013


Newscast Media WASHINGTON—Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today that it has reached an agreement to resolve its residential mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) as conservator for Fannie Mae and Freddie Mac. As part of the agreement, Deutsche Bank will pay $1.9 billion.

The FHFA made claims against 17 financial institutions in relation to residential mortgage-backed securities, including Deutsche Bank.

The settlement agreement does not release Deutsche Bank from any claims relating to LIBOR manipulation and does not include claims made against Deutsche Bank in two other PLS lawsuits presently the subject of ongoing litigation: FHFA v. SC Americas, Inc., et. al., and FHFA v. Countrywide Financial Corp., et. al. The other parties to those lawsuits were not part of the negotiations with Deutsche Bank.

*Click here to read or download the entire $1.9 billion settlement. (pop-up)

Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: "Today's agreement marks another step in our efforts to resolve the Bank's legacy issues, and we intend to make further progress in this regard throughout 2014."

They added: "We have exited the mortgage businesses that gave rise to these claims and have further improved our controls." 
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