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Deutsche Bank settles L.A. claims on foreclosure blight
Source: Reuters
Deutsche Bank settles L.A. claims on foreclosure blight
FRANKFURT | Sat Jun 29, 2013 7:20am EDT
(Reuters) - Deutsche Bank said it has settled a lawsuit with the U.S. city of Los Angeles that accused the bank of allowing hundreds of foreclosed properties to deteriorate into slum conditions and destabilize communities.
"The settlement will be paid by the (loan) servicers responsible for the Los Angeles properties at issue and by the securitization trusts that hold the properties," the bank said in a statement late on Friday.
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"Deutsche Bank did not admit any liability or wrongdoing as part of the settlement, and continues to dispute the claims asserted by the City," it added.
A statement from Los Angeles City said it has secured $10 million in civil penalties as part of settlement of the lawsuit it filed in May 2011.
[font size=1]-snip-[/font]
FRANKFURT | Sat Jun 29, 2013 7:20am EDT
(Reuters) - Deutsche Bank said it has settled a lawsuit with the U.S. city of Los Angeles that accused the bank of allowing hundreds of foreclosed properties to deteriorate into slum conditions and destabilize communities.
"The settlement will be paid by the (loan) servicers responsible for the Los Angeles properties at issue and by the securitization trusts that hold the properties," the bank said in a statement late on Friday.
[font size=1]-snip-[/font]
"Deutsche Bank did not admit any liability or wrongdoing as part of the settlement, and continues to dispute the claims asserted by the City," it added.
A statement from Los Angeles City said it has secured $10 million in civil penalties as part of settlement of the lawsuit it filed in May 2011.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2013/06/29/us-deutschebank-foreclosure-idUSBRE95S05G20130629
