After news came out Thursday that the U.S. Justice Department proposed that Deutsche Bank AG pay $14 billion to settle a case that dates back to the financial crisis, the German bank quickly came back and said it “has no intent to settle these potential civil claims anywhere near the number cited,” an article in Reuters by Arno Schuetze stated.
Deutsche Bank also confirmed that DOJ did demand $14 billion.
From the article:
The claim against Deutsche, which is likely to trigger several months of talks, far exceeds the bank’s expectations that the DOJ would be looking for a figure of only up to 3 billion euros ($3.4 billion).
“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,” the bank said in a statement.
It was only last week that news came out that Deutsche Bank AG was nearing a settlement deal with U.S. authorities, causing the bank’s shares to jump the most in two months, an article in Bloomberg by Jan-Henrik Foerster reported. This news also hinged on rumors, coming from a German Magazine that chose not to reveal its source.