Deutsche Bank shares plunge amid legal disputeFRANKFURT -- Shares in Deutsche Bank AG plunged Friday after the revelation that the U.S. Department of Justice is seeking US$14 billion to settle civil claims over its handing of residential mortgage-backed securities. "The negotiations are only just beginning," the bank said in a statement emailed in the early hours of Friday. "The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts." Earlier this year, the Justice Department announced a roughly US$5 billion settlement with Goldman Sachs over the sale of mortgage-backed securities. Other banks that settled in the last two years include Bank of America, Citigroup and JPMorgan Chase & Co.

Source: The China Post September 16, 2016 16:07 UTC