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Deutsche Bank Sued for Selling 'Pigs' and 'Crap'
Deutsche Bank was sued for withholding material information on a sale of mortgage-backed securities to an institutional client. The suit, filed by Teachers Insurance & Annuity Association of America in New York state court, alleges that the bank internally viewed the MBS's as "pigs" and "crap," but failed to disclose that information. The charges stem from Deutsche Bank's strategy to package "exception" loans into the securities while developing a short position that grew to $10bn, according to the TIAA filings.
TIAA, a corporation that provides annuities, life and other insurance and pension plan counseling to employees of educational and other nonprofit institutions, notes that its suit duplicates wording and claims made one month earlier in a claim filed by Dexia SA, a local government lender rescued by France and Belgium in 2008. That suit related to $1bn in MBS's. [Bloomberg, 8/2/11]
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