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Banking   DB already paid over $9 billion in fines

Deutsche Bank: There's no way we'll pay $14 billion

Deutsche BankDeutsche Bank, balked at the $14 billion payment proposed by the U.S. Departmemt of Justice to settle an investigation.

The investigation was into the lender's sale of residential mortgage-backed securities in the years immediately before the start of the financial crisis.

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"Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited.

"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 company said in a statement.

U.S. regulators' proposed settlement was more than three times what some analysts had estimated even under a worst-case scenario.

Since 2008, Deutsche Bank had already paid out over $9 billion in fines and settlements.

At the end of June, the German lender had set aside £5.5bn for settlements and fines but was facing litigation on several other fronts, including for the alleged manipulation of interbank interest rates.




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