Deutsche Bank to face $3.1 billion residential mortgage backed securities lawsuit

deustche bankSince the 2008 financial crisis, residential mortgage-backed securities lawsuits continue to arise against top financial banks. In the most recently filed litigation, Deutsche Bank faces a $3.1 billion lawsuit for allegedly failing to monitor ten faulty residential mortgage-back securities. Similarly, Morgan Stanley recently settled a $63 million RMBS case over allegations for faulty investments. Wells Fargo recently paid close to $1.2 billion in settlement dollars for allegations since the financial crisis.

As we spoke about here, RMBS cases are more complex than traditional class actions. The main reason for this is due to the number of securities an RMBS case tends to hold. Unlike the majority of securities litigation, RMBS cases tend to hold hundreds or even thousands of securities. Another major reason is the difficulty in gathering and interpreting the appropriate data for the claim. Claim administrators have shown little consistency in the way historical transactions in RMBS need to be submitted to the claims administrator in order for a claim to be accepted.

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