Ex-Deutsche Trader To Pay $500K To End DOJ’s RMBS Suit
Law360 (November 14, 2019, 2:21 PM EST) -- The U.S. Department of Justice announced Thursday that a former Deutsche Bank trader will pay $500,000 to settle allegations that he misled investors about the quality of loans underlying two residential mortgage-backed securities in the lead-up to the financial crisis.
Paul Mangione, the former head of subprime trading at Deutsche, was accused by the government in 2017 of mischaracterizing two securities, valued at $1.4 billion, to investors who bought them from the bank 10 years earlier and ultimately lost “hundreds of millions of dollars” as a result.
With Mangione’s dismissal bid still pending before the court, the DOJ filed a notice...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!