FRANKFURT (Reuters) -Deutsche Bank said on Wednesday that it had reached settlements with a number of plaintiffs who sued the lender for underpaying them for the acquisition of Postbank years ago.
The development goes some way in helping Germany’s largest lender move beyond the years-long litigation that has cast a shadow over the bank.
Deutsche Bank said the agreements covers 60% of the claims, including the largest individual plaintiff, Deutsche Bank said.
The bank said that the agreement will use about 45% of provisions the bank has made for possible payouts.
The bank is now releasing 430 million euros which it had set aside for possible settlements, which will be a positive impact on earnings in the third quarter.
(Reporting by Tom Sims and Urvi Dugar; Editing by Chizu Nomiyama)
