Financial Business Review: Bank of America Nears SETTLEMENT, Deutsche Bank Under INVESTIGATION

Here are Tuesday’s top stories:

Bank of America Corporation’s (NYSE:BAC) hoped-for $8.5 billion mortgage-bond settlement with investors got a helping hand from the withdrawal of a significant opponent of the deal. Boston-based hedge fund Baupost announced that it wished to “withdraw as an intervener in this proceeding”, which leaves American International Group, Inc. (NYSE:AIG) as the last important opponent to an agreement.

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S&T Bancorp, Inc. (NASDAQ:STBA) has declared a 15 cents per share quarterly dividend, which is in line with previous amounts. The forward yield is 3.42 percent. The dividend is for shareholders of record as of Aug 10th, and will be payable Aug 24th.

An internal inquiry within Deutsche Bank AG (NYSE:DB) indicates that two of its former traders might have been involved with manipulating Libor, but no management failure was seen, say sources. The German regulator Bafin, which is itself investigating the firm, has been notified of the findings.

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