Royal Park Investments Sues RMBS Trustee Deutsche Bank Over $3.1 Billion in Alleged Losses

more+
less-

On June 18, Royal Park Investments filed a putative class action in the Southern District of New York against Deutsche Bank National Trust Company. This action is similar to a series of lawsuits filed by a group of institutional investors against Deutsche Bank and other RMBS trustees, which was covered in last week’s issue. Royal Park alleges that Deutsche Bank, as trustee, breached its contractual obligations and fiduciary duties in connection with 10 RMBS trusts for which it served as trustee by failing to provide notice that many loans in the trusts were defective, to provide that events of defaults resulting from servicer conduct had occurred, and to take appropriate remedial action in light of those occurrences. The complaint asserts three causes of action: (1) violation of the Trust Indenture Act; (2) breach of contract; and (3) breach of trust. The plaintiff seeks damages, equitable relief and costs. Complaint.

Written by:

Published In:

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 - Structured Finance Group | 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 »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×