Deustche Bank Says Omnicare Can't Revive Class Action
Law360, New York (July 28, 2015, 4:28 PM EDT) -- The U.S. Supreme Court’s recent Omnicare ruling does not provide grounds to revive a shareholder suit against Deutsche Bank AG over an undisclosed €20 billion ($22.1 billion) exposure to risky mortgage-backed securities, attorneys for the bank and certain underwriters told a New York federal judge Monday.
The facts of the Omnicare case are different from what was alleged in the Deutsche Bank matter, while lower courts' decisions to dismiss the claims against Deutsche Bank are consistent with what the Supreme Court ultimately held in the March ruling, attorneys for the banks wrote.
The filing comes in response to an order from...
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