Yerevan, 18.November.2018,
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US asks Deutsche Bank for $14bn to settle mortgage investigation

The US Department of Justice is asking Deutsche Bank to pay $14bn (£10.6bn) to settle an investigation into mortgage-backed securities, the bank has said.

Deutsche Bank said it "has no intention to settle these potential civil claims anywhere near the figure cited".

The claim against Deutsche, which is likely to be the subject of negotiations for several months, was much bigger than expected.

The bank's shares fell nearly 7% in early trading.

"The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts," Deutsche Bank said.

The sale of residential mortgage-backed securities played a significant role in the 2008 financial crisis.

Banks in the US have been subject to a number of investigations over allegations of giving mortgages to unqualified borrowers, then repackaging those loans as safe investments and selling the risk on to others.

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