Deutsche Bank Hit With RICO Suit Over Its Las Vegas Resort

Law360, New York (March 3, 2014, 7:33 PM EST) -- A Deutsche Bank AG unit was hit with a fraud and racketeering suit in California federal court Monday alleging it duped buyers into sticking with their purchase contracts for units at the Cosmopolitan of Las Vegas resort to keep their deposits.

Orange County, Calif., resident Donald Okada launched the suit claiming he was duped into sticking with his purchase contract after Nevada Property 1 LLC, a wholly owned subsidiary of Deutsche Bank that owns and operates the Cosmopolitan, vowed to develop the Cosmopolitan with all the...
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