Deutsche Bank's Legal Troubles Just Don't Seem to End: Timeline

(Bloomberg) -- Just when you thought Deutsche Bank AG had put its legal troubles behind, the past is coming back to haunt it.

German authorities descended on the lender’s offices Thursday in a coordinated raid related to a money-laundering investigation. The probe, which resulted from documents leaked two years ago at a Panama-based law firm, came days after the lender was drawn deeper into a scandal at Danske Bank A/S.

Read more: A Bloomberg Intelligence primer on Deutsche Bank’s legal woes.

Deutsche Bank has spent more than $18 billion over the past decade in fines and to settle legal disputes, according to calculations by Bloomberg. Here’s a timeline of recent cases:

• November 2018:
  A Danske Bank whistle-blower estimated that more than half of some $230 billion in suspect funds handled by the bank was funneled through Deutsche Bank’s U.S. unit. Its role as a correspondent bank may add to risks from other ongoing litigation.
• June 2018:
  Deutsche Bank agreed to pay $205 million to settle a long-running investigation of its foreign exchange trading by New York’s banking superintendent.
• January 2017:
  Deutsche Bank is fined $629 million by U.K. and U.S. authorities for compliance failures when it helped wealthy Russians move about $10 billion out of the country using transactions that were likely thinly veiled attempts to cover up financial crime. A separate probe by the U.S. Department of Justice is ongoing.
• January 2017:
  Deutsche Bank agrees to provide $7.2 billion in penalties and consumer relief to end a U.S. probe into its role selling toxic mortgage securities that contributed to the global financial crisis. It still faces several lawsuits tied to mortgage securities.
• December 2016:
  Deutsche Bank went on trial in Milan, accused of colluding with Banca Monte dei Paschi di Siena SpA to cover up losses that almost toppled the Italian lender. The trial is ongoing.
• November 2015:
  Bank to pay $258 million to the Federal Reserve and New York’s Department of Financial Services to resolve a probe into sanctions violations from 1999 to 2006 for allegedly handling transactions linked to Iran, Libya, Syria, Myanmar and Sudan.
• April 2015:
  Deutsche Bank was ordered to pay a record $2.5 billion fine to settle U.S. and U.K. investigations into its role in rigging borrowing benchmarks known as Libor. It had already been fined 725 million euros by the European Union in 2013.
• February 2014:
  Deutsche Bank agrees to pay about 925 million euros to settle a 12-year-old dispute with the heirs of Leo Kirch over the collapse of his media group.
• December 2013:
  Deutsche Bank agreed to pay 1.4 billion euros to settle claims that it didn’t provide adequate disclosure about mortgage-backed securities sold to Fannie Mae and Freddie Mac. The agreement with the Federal Housing Finance Agency covered the period 2005 to 2007.

--With assistance from Sonia Sirletti and Greg Farrell.

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Christian Baumgaertel, Dale Crofts

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