12.5 Billion: Deutsche Bank, Credit Suisse Settle U.S. Subprime Probes – Bloomberg

Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis, putting behind them a major dispute that undermined confidence in the banks and raised questions about their turnarounds. Deutsche Bank will pay $7.2 billion and take a $1.2 billion pretax charge this quarter, while Credit Suisse agreed to a $5.3 billion deal and will recognize a $2 billion hit to earnings, the banks said in separat

Source: Deutsche Bank, Credit Suisse Settle U.S. Subprime Probes – Bloomberg

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