Plaintiffs seeking compensation for losses on mortgage-backed securities scored their fourth securities class action settlement since the start of the financial crisis on March 26. But the $32.5 million settlement with Deutsche Bank was also the smallest deal yet.
Co-lead counsel for the plaintiffs at Robbins Geller Rudman & Dowd and Labaton Sucharow disclosed the settlement in a motion for approval filed in the Eastern District in Central Islip. The deal resolves claims that the bank misled investors about the underwriting and appraisal practices of the lenders whose mortgages were bundled into securities and lied to them about the risks of investing.
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