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Report: Deutsche Bank to face US lawsuit over RMBS disclosures

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Report: Deutsche Bank to face US lawsuit over RMBS disclosures

U.S. District Judge Deborah Batts inManhattan, N.Y., on July 25 ruled that Deutsche Bank AG must face part of a lawsuit thatclaimed it misled investors who bought more than $5.4 billion of preferredsecurities prior to the U.S. housing and financial crises, Reuters reported thesame day.

The plaintiffs, which include industrialmetals company Belmont Holdings Corp., claim that the bank failed to disclosein offering statements its exposure to the subprime mortgage market through itsholdings of RMBS and collateralized debt obligations.

The judge had dismissed the case in 2012, withthe federal appeals court in Manhattan upholding the decision in 2014. However,a U.S. Supreme Court ruling in 2015 in a case involving pharmacy servicescompany Omnicare Inc. that issuers could be liable if they omit facts that arematerial to a reasonable investor, led the appeals court to direct Batts torevisit the case, Reuters said.