European Banks Reach Multi-Billion Dollar Settlement Over Toxic Mortgages
In the waning days of the Obama administration, two European banks, Deutsche Bank and Credit Suisse, agreed to multi-billion dollar settlements with U.S. authorities for selling toxic mortgages prior to the financial crisis. The combined payouts will be approximately $12.5 billion. A third bank, Barclays, balked at a deal and is being sued by the Justice Department.
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