On May 23, 2011, Massachusetts Mutual Life Insurance Co. (“MassMutual”) filed a complaint in the U.S. District Court for the District of Massachusetts, alleging violations of the Massachusetts Uniform Securities Act in connection with MassMutual’s purchase of $13 million in RMBS from HSBC and its subsidiaries. MassMutual alleges that in marketing the sale of the RMBS, defendants misrepresented that the underlying loans were prudently underwritten and had certain characteristics, including specific loan-to-value ratios and owner-occupancy statistics. Complaint.
Massachusetts Mutual Life
Massachusetts Mutual Sues Deutsche Bank Over $125 Million in RMBS
On February 16, 2011, Massachusetts Mutual Life Insurance Company filed a complaint in the Massachusetts federal District Court alleging that various Deutsche Bank entities and certain of their officers violated Massachusetts’s blue sky laws by misrepresenting characteristics of the loans backing $125 million in RMBS sold to Massachusetts Mutual in 11 different offerings. Massachusetts Mutual alleges that it lacked access to the loan files, making the defendants its exclusive source of information regarding the loans. Massachusetts Mutual is represented by the Quinn Emanuel firm. Complaint.