Irish Fund Sues Deutsche Bank Over $960 Million in RMBS

Explore:  RMBS

On June 22, 2012, Sealink Funding Limited filed suit in New York State Court in Manhattan against Deutsche Bank and several of its units related to its alleged purchase of $960 million face amount of RMBS in 19 offerings in 2006 and 2007. Sealink alleges that Deutsche Bank misrepresented the originators’ compliance with underwriting guidelines, the validity of appraised values of the underlying mortgage loans and the LTV ratios based on those values, that all necessary steps had been taken to convey good title to the underlying mortgage loans into the securitization trust, and that the credit ratings assigned to the certificates accurately reflected their credit risk, among other things. Sealink’s causes of action include fraud, fraudulent inducement, and aiding and abetting fraud. Sealink seeks compensatory, rescissory, and punitive damages, in addition to costs and fees. Complaint.

Topics:  RMBS

Published In: Business Torts Updates, Civil Remedies 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.

© Orrick, Herrington & Sutcliffe LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »