Deutsche Bank Unit Can't Escape $640M RMBS Dispute

Law360, New York (July 26, 2013, 1:39 PM EDT) -- A New York federal judge on Wednesday refused to dismiss HSBC Bank USA NA’s suit accusing a Deutsche Bank AG unit of misrepresenting loans underlying nearly $640 million in residential mortgage-backed securities, saying HSBC adequately backed its breach of contract claims.

According to U.S. District Judge Robert W. Sweet, HSBC — the trustee for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-OA1, the RMBS trust involved in the dispute — had sufficiently alleged that DB Structured Products Inc. had breached its contract with the trust when...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.