Judge Backs Deutsche Win In $1.3B MBS Fraud Suit

Law360, New York (January 8, 2013, 12:46 PM EST) -- A New York federal judge on Friday affirmed his own February order dismissing a pair of complaints accusing Deutsche Bank AG of selling $1.3 billion in residential mortgage-backed securities while betting the underlying loans would fail.

U.S. District Judge Jed S. Rakoff found that pension manager Teachers Insurance & Annuity Association and Belgian lender Dexia SA did not offer enough specifics to back up their claims that Deutsche Bank touted investments in its RMBS even as it secretly called the securities “pigs” and “crap” in internal...
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