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Summary: Deutsche Bank has yet to resolve several legal issues from their participation in the financial crisis, resulting in large legal fees that they have paid and have yet to pay.
The legal bills for Deutsche Bank AG have reached $12.1 billion and are still going strong. The fines and settlements that the bank has had to pay for are expected to continue for the next few quarters. Their legal bill for this year’s second quarter was 1.23 billion euros, most of which went to U.S. mortgage issues.
Deutsche Bank is not the only one seeing some hefty bills for manipulating the financial markets, including helping clients break the law and not disclosing the risk of some financial products. Deutsche Bank believes they have settled some of the bigger cases, there are still several litigation matters to happen during the upcoming years.
The Banks litigation reserves fell from 4.8 billion euros to 3.8 in three months after paying $2.5 billion for their participation in the interest rate manipulation. They also face 3.2 billion euros in contingent legal liabilities.
For the first time, the bank has acknowledged a suspicious number of Russian and U.K. equities trades that they will investigate, noting that they have taken action against a good number already. They have not yet resolved the investigations into their foreign exchange market manipulation or if they broke U.S. laws by processing payments for countries under trade sanctions.
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Their legal bill in the last three years is 9.87 billion euros.
Photo: ninefeettall.com
