Barclays holds out against settlement for toxic mortgage debts
Two of Europe’s largest
lenders have become the Continent’s first banks to settle with US prosecutors
over their role in selling toxic mortgage debts by agreeing to pay $12.5
billion in fines.
Deutsche Bank said yesterday
that it would pay $7.2 billion to the Department of Justice after admitting
responsibility in the mis-selling of sub-prime debts that it knew would
collapse in value. Credit Suisse said that it had reached a $5.3 billion
settlement.
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