Deutsche Bank Sued For RMBS Losses in New York State Court

On February 14, 2012, Phoenix Light and seven other plaintiffs sued Deutsche Bank, Ace Securities, and related entities in New York state court for $300 million in damages resulting from the purchase of allegedly overvalued RMBS. In their summons with notice, Plaintiffs allege that the offering materials for the RMBS contained material misrepresentations and omissions regarding the underwriting standards and quality of the loans underlying the RMBS. Plaintiffs allege claims for common-law fraud, fraudulent inducement, negligent misrepresentation, and aiding and abetting fraud. Summons.