23.12.201605:06:00UTC+00Deutsche Bank to resolve mortgage cases in $7.2 billion deal

Deutsche Bank unveiled Friday it will resolve lawsuits encompassing its toxic securities and other related activities from 2005 to 2007.

Under the agreement, the financial services provider will give $7.2 billion to the US Justice Department. A portion of the payment will be given to the consumers in the United States over the succeeding years.

The bank stressed it is not a final deal yet since it is still subject to approval. It is expecting to log a pre-tax fee of approximately $1.17 billion in its fourth quarter revenues due to the incurred penalty.

This is the first settlement recorded in numerous mortgage-connected cases lodged by the federal agency against European financial firms.