Deutsche Bank, WMC Settle $1B Mortgage Pool Suit

By Martin O'Sullivan (August 10, 2016, 2:48 PM EDT) -- Trustee Deutsche Bank National Trust Co. has asked the Second Circuit to pause an appeal of its suit accusing WMC Mortgage LLC of misrepresenting some $1 billion in bundled mortgages, saying the companies have reached a settlement.

Deutsche Bank was appealing a New York federal judge's decision to toss the bank's claims that WMC made misrepresentations about the quality of residential mortgages it sold in 2006 as part of a $1 billion pool. Both parties on Tuesday asked the Second Circuit to pause the appeal while they iron out the final details of a settlement.

"The trustee and WMC recently executed...

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