BayernLB Sues Morgan Stanley Over RMBS

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On January 25, 2012, Bayerische Landesbank filed a complaint in New York state court against several Morgan Stanley entities seeking to recover for losses allegedly incurred in connection with certificates in 22 RMBS offerings that BayernLB allegedly purchased in 2006 and 2007 for approximately $486 million. BayernLB alleges that Morgan Stanley made misrepresentations in the offering documents for those RMBS concerning the underwriting standards of the originators of the mortgage loans underlying the certificates, the appraisals of the mortgaged properties, and other facts regarding the quality of the mortgage loans. BayernLB asserts claims for common law fraud, fraudulent inducement, aiding and abetting fraud, and negligent misrepresentation, and seeks rescission and damages. Complaint.

Published In: Business Torts Updates, Civil Remedies Updates, Finance & Banking Updates, Residential Real Estate Updates, Securities Updates

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