Law360, New York (April 19, 2012, 3:28 PM ET) -- German bank Bayerische Landesbank sued Deutsche Bank AG in New York state court on Thursday, claiming Deutsche Bank sold BayernLB over $810 million in toxic residential mortgage-backed securities while betting the underlying loans would fail.
BayernLB claims Deutsche Bank originated, purchased, financed and securitized risky loans into the MBS while secretly deriding the securities as “pigs” and “crap” in internal emails.
Deutsche Bank began betting against the U.S. housing market as early as 2005, ultimately developing a $10 billion short position that reaped huge profits when...
BayernLB Strikes At Deutsche Over $810M In Toxic MBS
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