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Deutsche Bank reaches $7.2B settlement with US DOJ over MBS misselling lawsuit

Deutsche Bank AG said Dec. 23 that it reached an agreement in principle with the U.S. Department of Justice to settle an investigation into its sale of MBS in the U.S.

Under the terms of the settlement, the bank agreed to pay a civil monetary penalty of $3.1 billion and to provide $4.1 billion in consumer relief in the U.S., primarily in the form of loan modifications and other assistance to homeowners and borrowers and other similar initiatives, to be delivered over a period of at least five years.

The settlement is subject to the negotiation of definitive documentation, and there can be no assurance that the DOJ and Deutsche Bank will agree on the final documentation, the lender noted.

The bank said it expects to record pretax charges of approximately $1.17 billion in its fourth-quarter results as a consequence of the civil monetary fine. The financial consequences, if any, of the consumer relief are subject to the final terms of the settlement and "are not currently expected to have a material impact on 2016 financial results."

The regulator had in September asked the lender to pay $14 billion as settlement for the lawsuit.