2 Ex-IKB CEOs Off Hook in Rhinebridge Class Action

Law360, New York (January 20, 2011, 5:09 PM EST) -- A federal judge has dismissed two former top-ranking executives at IKB Deutsche Industriebank AG and IKB Credit Asset Management from a proposed securities class action over the collapse of structured investment vehicle Rhinebridge.

Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York ruled Tuesday that the court did not have jurisdiction to hear the cases against former IKB Deutsche Industriebank CEO Stefan Ortseifen and former IKB Credit Asset Management CEO Winfried Reinke — both German residents.

Defendants IKB and Morgan...
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