Deutsche Bank Files $666 Million Suit Against GE Capital

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On September 13, Deutsche Bank, acting in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust, Series 2007-HE6 (the Trust), filed a lawsuit in the United States District Court for the District of Connecticut against General Electric Capital Corp. and its subsidiary, WMC Mortgage L.L.C. Plaintiff alleges that WMC breached representations and warranties concerning 3,399 mortgage loans securitized into the Trust. Plaintiff also alleges that WMC breached certain repurchase, notification and indemnification obligations. Plaintiff seeks specific performance of the alleged repurchase obligations or damages totaling at least $500 million. Complaint.

Topics:  Deutsche Bank, General Electric, Morgan Stanley, Mortgage-Backed Securities, Mortgages, Warranties

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

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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