>> The combined penalty of more than $12 billion for two of Europe's leading investment banks. First up, Deutsche Bank, its agreed to a $7.2 billion settlement with the US Department of Justice over its sale and pooling of toxic mortgage securities. The draft agreement offers some relief to the German bank.
Its shares plunged to a record low in September over fears the fine could be double that. Credit Suisse also getting hit with a fine. It's to pay US authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities. The Swiss bank will also provide $2.8 billion over five years to offset the impact on consumers.
The deals are the latest in Barack Obama's 2012 initiative to hold Wall Street accountable for misconduct. The US Department of Justice this week sued Barclays and two former executives on civil charges of fraud in the sale of mortgage backed securities.