loan forgiveness: That negotiating figure caused Deutsche Bank's stock to plummet and raised questions about the bank's stability and the risks it poses to the financial system, according to The Guardian. Under the settlement, Deutsche Bank would pay a civil monetary penalty of 3.1bn and provide 4.1bn in consumer relief in the United States, such as loan forgiveness. The agreement is less than the 14bn the US asked Deutsche Bank to pay in September to settle the claims. Deutsche Bank's potential 14bn penalty in 10 simple charts Read more The agreement was not final and there could be no assurance that the DoJ and the bank would agree on the final documentation, the bank said on Friday. The settlement marked the first in a possible string of mortgage-related resolutions or lawsuits by the DoJ for European banks. Deutsche Bank expected to record a pretax charge of about 1.17bn in its fourth quarter because of the civil monetary penalty.
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Tagged under loan forgiveness, consumer relief topics.