RMBS Class Action Against Deutsche Bank Dismissed

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On December 18, Deutsche Bank was dismissed from an RMBS action brought by the New Jersey Carpenters Health Fund regarding certificates backed by RALI and HarborView trusts. Judge Harold Baer of the United States District Court for the Southern District of New York granted in part and denied in part defendants’ motion to reconsider their motions to dismiss in light of the Second Circuit’s 2013 decision that claims brought under Section 13 of the Exchange Act are not subject to equitable tolling of the statute of limitations by a prior class action complaint. The court dismissed claims with respect to two HarborView trusts and all claims against Deutsche Bank securities as untimely because plaintiffs could no longer rely on equitable tolling. Claims against Citigroup and Goldman Sachs remain in the case. Decision.

Topics:  Citigroup, Class Action, Deutsche Bank, Equitable Tolling, Goldman Sachs, Unions

Published In: Business Torts Updates, Civil Procedure Updates, Finance & Banking 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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