This does effect us you know Quote article German down 5.28,french down 4.7,london down 3.6. The German DAX 30 index DXAX -5.28% sank 5.3% to close at 5,246.18, led lower by Deutsche Bank AG DEBK -7.93% , which tumbled 8.9%. The banking sector continues to [be] under pressure today," said Manoj Ladwa, senior trader at ETX Capital, in emailed comments. "The chances of a near-term recovery remain slim as euro-zone debt concerns, structural reform and a lawsuit for allegedly mis-selling mortgage debt all weigh heavy on the sector." Shares of Royal Bank of Scotland Group PLC RBS -4.69% UK:RBS -12.32% sank 12.3% after the bank was named last week in a lawsuit by the Federal Housing Finance Agency. The agency alleges that major U.S. and European banks misrepresented the quality of mortgages they sold during the housing bubble, and it is suing for billions of dollars in losses. Read U.S. sues big banks over mortgage losses Also named in the lawsuit were Deutsche Bank AG, Societe Generale SA FR:GLE -8.64% SCGLY -6.02% , down 8.6%, Barclays PLC BCS -7.67% UK:BARC -6.69% , down 6.7%, and HSBC Holdings PLC UK:HSBA -3.81% HBC -1.44% , which declined 3.8%. The French CAC 40 index FRX1 -4.73% finished 4.7% lower at 2,999.54. In addition to Societe Generale, shares of BNP Paribas SA FR:BNP -6.34% slumped 6.3% and Credit Agricole SA FR:ACA -5.51% slid 5.5%. http://www.marketwatch.com/story/rbs-deutsche-bank-lead-sharp-decline-for-europe-2011-09-05
