Deutsche Bank

News & Analysis as of

Can a Foreclosure be “Wrongful” if the Debtor is Underwater?

In most successful “wrongful foreclosure” cases (challenging an already-completed trustee’s sale), the debtor’s most obvious source of damages is the lost equity in the wrongfully sold security property....more

Punishment Didn’t Fit the Crime: Court Reverses Dismissal of Action and Cancellation of Note and Mortgage

In Deutsche Bank Nat’l Trust Co. v. Adriana Avila-Gonzalez, 2015 WL 2089094 (Fla. 3d DCA May 6, 2015), the Florida Third District Court of Appeal reversed a trial court order that dismissed a foreclosure action with prejudice...more

This Week In Securities Litigation

The debate over waivers WKSI waivers and other similar provisions continued this week. The Commission granted a WKSI waiver to Deutsche Bank despite a guilty plea to criminal felony charges but only over the dissent of...more

California Foreclosure Law: Plaintiff May Recover Tort Damages For A Claim Of Wrongful Foreclosure

In a wrongful foreclosure lawsuit, the plaintiff may recover tort damages – i.e., any damages proximately caused by the foreclosing defendant, the Fourth District Court of Appeal held last week. Miles v. Deutsche Bank...more

WKSI Waivers For A Recidivist – And a Dissent By Commissioner Stein

The question of waivers from certain disqualifications under the securities laws which are triggered automatically in certain instances — such as on the entry of a guilty plea — continues to be a controversial topic at the...more

Foreclosure Attempt Blocked? What You Should Know Before the Clock Hits Zero

Just when you thought we were out of the housing crisis weeds of ’07—think again.  Apparently when an abundance of people buy homes they can’t afford and predictably fall behind on their payments, the judicial foreclosure...more

Financial Regulatory Developments (FReD)

Headlines - Commission urges EP to accept MLD 4, ESMA consults on knowledge and competence guidelines, EU Court judges on plain and intelligible language, FCA fines Deutsche Bank £227 million for IBOR failings and misleading...more

Financial Regulatory Developments Focus - April 2015 #4

In this issue: - Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts - Basel Committee Removes Selected...more

Deutsche Bank Settles LIBOR Charges With FCA, DOJ, CFTC, NY State

Deutsche Bank paid $2.519 billion in fines and disgorgement, a subsidiary pleaded guilty to criminal charges and the parent entered into a three year deferred prosecution agreement which requires a monitor to resolve charges...more

Lessons of the Deutsche Bank Story

Deutsche Bank, a German lender agreed to plead guilty and pay $2.5 billion to settle with regulators in the United States and the United Kingdom in connection with criminal charges that it rigged and manipulated the London...more

Bridging the Week - April 2015 #3

CFTC Commissioner Bowen Argues for User Fees During House Subcommittee Hearing; Commissioner Wetjen Calls for Bankruptcy Law Amendments to Permit Individual Segregation of Customer Funds - Commodity Futures Trading...more

Orrick's Financial Industry Week in Review

Steps Towards a Capital Markets Union - The European Commission is consulting on a blueprint for creating a harmonized capital market across the EU, to facilitate capital raising in the EU while maintaining consumer and...more

Morgan Stanley Mortgage Capital Holdings LLC Motion to Dismiss RMBS Claims Granted in Part

On April 3, 2015, Judge Laura Swain of the U.S. District Court for the Southern District of New York granted in part and denied in part Morgan Stanley Mortgage Capital Holdings LLC’s (“MSMC”) motion to dismiss breach of...more

Bridging the Week - March 2015 #2

FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation - The Bank of Beirut was fined GBP 2.1 million...more

CMBS 2.0 IN FOCUS: Class X – a Class Act!

The emergence of European CMBS 2.0 can be directly traced back to Deutsche Bank’s Deco 2011-CSPK which closed in June 2011. Since that issuance, there have been several deals brought to the market by not only Deutsche Bank...more

Appellate Court Notes

SC19194 - State v. Miranda SC19289 - Deutsche Bank National Trust Co. v. Perez Supreme Court upheld Appellate Court’s decision to reform the plaintiff’s mortgage. SC19226 - Sullins v. United Parcel...more

Acceleration and Florida’s Five-Year Statute of Limitations

Florida’s Third District Court of Appeal recently filed an opinion that illuminates when a lender’s acceleration of debt triggers the five-year statute of limitations. In Snow v. Wells Fargo Bank, N.A., 2015 WL 160326 (Fla....more

Federal Home Loan Bank of San Francisco Settles RMBS Claims Against Banks

On January 15, 2015, the Federal Home Loan Bank of San Francisco (FHLB) agreed to a $459 million settlement with various banks stemming from the sales of billions of dollars of RMBS. FHLB originally filed the claims in the...more

Second Bite At Fla. Foreclosures May Not Be So Sweet

Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often court- or judge-specific procedural, substantive and evidentiary requirements...more

Phoenix Light Sues Five RMBS Trustees Over $2.4 Billion in RMBS

On December 23 and 24, Phoenix Light SF Limited and other RMBS certificateholders filed suit against HSBC, Wells Fargo, Deutsche Bank, Bank of New York Mellon, U.S. Bank, and Bank of America in the United States District...more

Second Bites at the Apple in Florida Foreclosures May Not Be so Sweet: New Appellate Court Cases Raise the Specter of Statute of...

Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often-times court- or judge-specific procedural, substantive, and evidentiary...more

The Third District Weighs-in on the Application of the Statute of Limitation Defense to Mortgage Foreclosures

Who would have imagined that a dismissal with prejudice would be better for a lender than a dismissal without prejudice? It is counterintuitive to say the least, but when it comes to the application of the statute of...more

Bridging the Week - December 2014

CFTC Issues CME Group Report Card: Scores Generally Good But NYMEX and COMEX Directed to Continue to Enhance Spoofing Surveillance - The Chicago Mercantile Exchange Group found early presents under its Christmas tree...more

Credit Crunch Digest - October 2014

This issue of the Credit Crunch Digest focuses on estimated Forex-related fines and exposure; requests by U.K. authorities for additional funding to investigate rate-rigging and Forex manipulation; a guilty plea in connection...more

Credit Crunch Digest - November 2014

This issue of the Credit Crunch Digest focuses on recent forex settlement agreements; rate-swapping claims in a Libor consolidated action; Bank of Tokyo’s $315 million settlement with the New York Department of Financial...more

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