Deutsche Bank Gets $150M RMBS Suit Trimmed

Law360, New York (April 30, 2013, 2:03 PM EDT) -- A New York state judge has trimmed a suit accusing Deutsche Bank AG and several of its units of misrepresenting the risks of more than $150 million in residential mortgage-backed securities, ruling that the plaintiffs couldn’t prove the bank owed any duty sufficient to support a negligent misrepresentation claim.

According to Judge Shirley Werner Kornreich’s decision, dated April 24 and made public Friday, the plaintiffs — distressed-assets vehicle Phoenix Light SF Ltd. and four RMBS investment funds — hadn’t had any “special or privity-like” relationship with...
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