Just 1 Claim Spared In TCF Auto Loan-Backed Securities Suit

Law360 (December 19, 2018, 5:01 PM EST) -- A California federal judge has let only a single fraud claim survive in the otherwise sweeping dismissal of an investor suit against TCF Bank and its affiliates over alleged misrepresentations of a key metric governing the value of securities collateralized by a pool of auto loans, though the investors will have a chance to amend.

U.S. District Judge Philip S. Gutierrez found Tuesday that the bank and its auto finance affiliates largely broke from industry standards by reporting the cumulative net losses on its auto loan pools without including expenses tied to those losses, but that in itself does not render...

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