The bank confirmed in a statement that the department had proposed a settlement of US$14 billion and asked the German bank to make a counterproposal. “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited. Deutsche Bank is among many financial institutions investigated over dealings in shoddy mortgages in the run-up to the 2008 financial crisis. Earlier this year, the department announced a roughly US$5 billion settlement with Goldman Sachs Group Inc over the sale of mortgage-backed securities. Abbey Life, which was bought by Deutsche Bank for ￡977 million in 2007, is valued at about ￡1 billion, sources said.

Source: Taipei Times September 16, 2016 15:56 UTC