Wednesday, April 22, 2015

German bank fears billion penalty – FAZ – Frankfurter Allgemeine Zeitung



          German bank flags in front of the Festhalle in Frankfurt.



Legal disputes burden the German bank much more than previously thought. For the first quarter of 2015, Germany’s largest money house needs a precaution again an expense for litigation of 1.5 billion euros recorded as the bank announced in a brief Duties announcement on Wednesday night. As a result, the negative impact of the legal disputes should now add up to nearly five billion euros.


“Despite the cost, the German bank in the first quarter show a profit and return on approximative record level recorded” reported further the Institute. Details not call the bank and referred to the publication of the results for the first quarter of 2015, which for next Wednesday (April 29) is planned.


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Still, the group with thousands of smaller and larger cases grappling. For pending legal defeats the bank had been placed 3.2 billion euros on the site – and the board had not ruled out that something may become so. “The burden of litigation is still too high,” Co-CEO Juergen Fitschen had said in January.


Among the prominent legal sites include the topic Libor. Over the years, several major banks manipulated employees the important reference rate for the money business among banks. The German bank had accepted an EU fine of 725 million euros the end of 2013. In the United States and Britain, an agreement is pending.


In addition, the American authorities go for mortgage transactions from the time before the financial crisis crack down on banks, as well as for transactions with “rogue states” like Iran. In addition, investigations run for alleged manipulation of key financial figures – from exchange rates to prices of gold and silver. These themes class action lawsuits are pending in the United States, in which the defendant German bank.



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interest scandal

German bank fears billion penalty


Legal contaminated sites meet German bank harder than previously thought. Partly because of the interest scandal, the institute plans a further precaution 1.5 billion euros for litigation. In total, there are thousands of cases.

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