 "Deutsche Bank nears $5.4-bn US settlement: AFP")
Deutsche Bank AG is nearing an agreement with US officials to pay $5.4 billion to settle charges related to its sale of toxic mortgage bonds before the financial crisis, French news agency AFP reported on Friday, citing sources.
Germany's largest lender said about two weeks ago it would fight a $14 billion demand from the US Department of Justice to settle claims it missold the securities. An agreement could be announced in the next couple of days, a person familiar with the matter said. The final amount of the settlement could be slightly different, the source said. The bank's US-listed shares were up 13.7 per cent at $13.05 in heavy midday trading.
The stock rose as much as 15.16 percent, its best intraday percentage gain in nearly five years.
Germany's largest lender said about two weeks ago it would fight a $14 billion demand from the US Department of Justice to settle claims it missold the securities. An agreement could be announced in the next couple of days, a person familiar with the matter said. The final amount of the settlement could be slightly different, the source said. The bank's US-listed shares were up 13.7 per cent at $13.05 in heavy midday trading.
The stock rose as much as 15.16 percent, its best intraday percentage gain in nearly five years.