Reuters-
A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG (DBKGn.DE) liable to investors, including dozens of portfolios from BlackRock Inc (BLK.N) and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities.
The proposed class-action lawsuit sought to recover “significant monetary damages” arising from Deutsche Bank’s alleged “failure to discharge its essential duties” as trustee of 62 trusts created between 2004 and 2008, and which issued notes backed by about $90.3 billion of home loans.
In a docket entry, U.S. District Judge Jesse Furman in Manhattan granted Deutsche Bank’s bid to dismiss conflict-of-interest claims but denied its request to dismiss representations-and-warranties, servicer-notification and event-of-default claims.
[REUTERS]
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