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Deutsche Bank to pay $7,2bn over fraud case before 2008 year's crisis

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Deutsche Bank to pay $7,2bn over fraud case before 2008 year's crisis

The U.S. Department of Justice and Deutsche Bank have completed settlement of the government's claims regarding the sale of toxic mortgage bonds before the financial crisis occurred in the year 2008, the statement published by the Department reads.

The settlement amount of money remains the same, $7,2 billion with the penalty itself totaling $3,1 billion. The rest part of the sum, $4,1 billion, accounts for the measures needed to be taken to make up for the damage inflicted upon the consumers.
In particular, over the course of five years, the bank will make amendments into current credit agreements and will provide help to loaners.
According to the U.S. Department of Justice, this court ruling will “bring Deutsche Bank to accountability for illegal actions and irrisponsible lending practices.”

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