Deutsche, Others Must Face Suits Over $456M In Bad MBS

Law360, New York (March 15, 2013, 9:00 PM EDT) -- Deutsche Bank AG, Bank of America Corp.'s Merrill Lynch & Co. Inc. and Morgan Stanley must all face allegations they conned Allstate Insurance Co. into buying $456 million worth of allegedly overrated mortgage-backed securities, a New York judge ruled Friday in decisions she has said will affect other cases before her.

In three separate decisions, Judge Eileen Bransten rejected the banks' argument that Allstate couldn't accuse them of fraud because of disclaimers in the securities' offering documents, which the banks put together after bundling mortgages originated...
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.