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Shares of Deutsche Bank were leaping in New York trade Friday on a report that it was near a settlement with the U.S. Department of Justice, but there's reason to be skeptical about the number being cited.
Shares of Deutsche Bank have extended their gains, up about 14 percent in afternoon trading, after an AFP report that Germany's biggest bank is close to a $5.4-billion dollar settlement with the Justice Department over mortgage bonds. CNBC has not independently confirmed the report.
But if the number was correct, under German capital market rules Deutsche Bank would be required to confirm the amount by now. Its failure to do so indicates the number is not correct. Any eventual settlement, however, would almost certainly be well below the reported $14-billion opening bid by the Department of Justice in its talks with Deutsche.
Deutsche Bank is not publicly commenting on the supposed $5.4-billion figure.