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Deutsche Bank Agrees to Over $3 Billion in Settlement to US Justice Department

© REUTERS / Kai PfaffenbachA statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016
A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016 - Sputnik International
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Deutsche Bank has reached an agreement with the US Justice Department to pay $3.1 billion to settle mortgage-backed securities claims, the bank said.

MOSCOW (Sputnik) – The settlement was agreed "in principle," Deutsche Bank said as quoted by The Wall Street Journal on Friday.

The bank will also have to provide $4.1 billion in consumer relief.

Workers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo - Sputnik International
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The total settlement is a lot less than the $14 billion that the US Justice Department had sought from the bank.

Deutsche Bank confirmed the start of negotiations with the Justice Department in September, saying that it considered $2-3 billion as a reasonable amount to settle the claims.

The bank reportedly already paid $1.9 billion in 2013 to settle some US claims related to mortgaged-backed securities.

Several major US banks have paid large settlements for allegedly providing misleading information to investors on the securities. In 2014, Bank of America Corp. paid $16.65 billion to settle such claims.

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