Germany's BayernLB Sues Deutsche Bank Over Mortgage Fraud
April 20 2012 - 12:13PM
Dow Jones News
German regionally owned lender BayernLB is suing Deutsche Bank
AG (DB) at the New York Supreme Court over residential
mortgage-backed securities of a nominal value of $810 million, a
spokesman for BayernLB said Friday.
The Munich-based lender is accusing Germany's largest bank for
having originated, purchased, financed and securitized
exceptionally high-risk loans into these RMBS, all while internally
disparaging the poor quality of these loans.
A spokesman for Deutsche Bank said the bank believes the claims
are unfounded and will vigorously defend itself. In a similar case,
a claim from Franco-Belgian financial group Dexia SA (DEXB.BT)
against Deutsche Bank was recently rejected by a U.S. federal
court.
-By Eyk Henning, Dow Jones Newswires; +49 (0)69 29725 108;
eyk.henning@dowjones.com
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