Berlin — Deutsche Bank has agreed to pay a total of $7.2bn to settle a case with the US Department of Justice over its role in the subprime mortgage crisis. The payment includes a $3.1bn fine and $4.1bn in relief to consumers as part of an agreement in principle with US authorities, the bank said on Friday. Deutsche has been negotiating the terms of the fine with the Department of Justice since September, when the US authority targeted it with a $14bn penalty. The agreement came just a day after the department sued British financial giant Barclays, accusing the bank of massive fraud in the sale of mortgage-backed securities, which triggered the 2008 global financial crisis. Deutsche CEO John Cryan had always insisted the German lender would pay less than the initial US demand. The bank brushed off fear the consumer relief element would have a significant impact on its results. "The financial consequences, if any, of the consumer relief are subject to the final terms of the settlemen...
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