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Deutsche Bank, Credit Suisse near settlements with DOJ over misselling lawsuits

Deutsche Bank AG may reach an agreement with the U.S. Department of Justice as early as Dec. 21 to settle a lawsuit alleging that it missold mortgage-backed securities in the U.S., Reuters reported Dec. 19, citing "one person with direct knowledge of the matter."

The source said the bank is set to pay far less than the $14 billion initially sought by the DOJ. However, the source stressed that the deal is not yet final and any last-minute hiccups in negotiations could postpone the announcement of the settlement.

Meanwhile, Credit Suisse Group AG could also reach a potential settlement with the DOJ over its sale of MBS in the week ending Dec. 23, according to a separate Dec. 19 Reuters report. "A source with knowledge of the matter" said the DOJ proposed that Credit Suisse pay between $5 billion and $7 billion to settle the investigation.

However, Credit Suisse is resisting and is confident that it can reach a resolution for less than what the DOJ has demanded, a second source said, adding that if talks break down, U.S. authorities could sue the bank.

U.S. Attorney General Loretta Lynch met with Credit Suisse CEO Tidjane Thiam in the week of Dec. 12, an indication that the negotiations could be coming to a close, "another person familiar with the matter" told Reuters.

Credit Suisse is also facing lawsuits from the New York and New Jersey attorneys general over similar claims, Reuters noted.