Trustee Sues Deutsche Bank Unit Over $89M In MBS

Law360, New York (January 29, 2013, 6:53 PM EST) -- The trustee for holders of more than $89 million in residential mortgage-backed securities sued a Deutsche Bank AG affiliate in New York state court Monday for allegedly failing to inform the certificate holders of the underlying loans' failure to meet basic standards.

HSBC Bank USA, a trustee for securitization trust Ace Securities Corp., accused DB Structured Products Inc. of breaching its contract with the loan purchaser by hiding the fact that many of the securitized loans it sold to Ace were ineligible and then failing to...
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