Deutsche Bank, BayernLB Agree To Settle $810 Million U.S. Suit
Deutsche Bank, Germany’s largest bank, and state-backed lender BayernLB have agreed to settle an $810 million lawsuit in connection with residential mortgage-backed securities that Deutsche sold to BayernLB. In the suit, originally filed in a New York court in 2012, BayernLB asserted that Deutsche Bank sold the securities to external clients while secretly criticizing them within the bank and ultimately profiting from their failure. According to the 2012 court filing from BayernLB, “Deutsche Bank originated, purchased, financed and securitized exceptionally high-risk loans into these RMBS, all while internally disparaging the poor quality of these loans and the RMBS they backed as ‘pigs’ and ‘crap’.”
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