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DOJ looks to close Barclays, Credit Suisse, Deutsche Bank misselling cases before election


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DOJ looks to close Barclays, Credit Suisse, Deutsche Bank misselling cases before election

The U.S. Department of Justice wants to reach in ongoingmortgage-securities misselling cases with Barclays Plc, Credit Suisse Group AG and before the U.S.presidential election in November, the FinancialTimes reported Sept. 30, citing "two people familiar with thediscussions."

In striking deals simultaneously with all three of theEuropean banks, the DOJ is believed to want to grab public attention "bycollecting an eye-catching sum in penalties," a source told the newspaper.

Moreover, by bringing the U.K. and Swiss banks into theround of penalty agreements, the move could take the spotlight off DeutscheBank amid growing clientjitters over the DOJ's September revelation that it is seeking$14 billion from theGerman bank to settle a probe into RMBS.

Deutsche Bank noted at the time of the announcement that itwould aim tonegotiate a reduction, adding that it had "no intent to settlethose potential civil claims anywhere near the number cited" and that itexpects to end up paying fines similar to those being sought from other banks.