AMSTERDAM Feb 7 Dutch pension fund ABP said on
Thursday it has reached a settlement with Deutsche Bank
over mortgage-backed securities that it bought from
the German bank in 2006 and 2007, ending legal proceedings.
The Dutch pension fund claimed it had purchased certain
residential mortgage-backed securities based on "false and
misleading statements" and that the securities were far riskier
than had been represented, backed by mortgage loans that were
worth significantly less than had been represented.
It said Deutsche Bank had denied and continued to deny those
claims. No details of the settlement were given.
ABP said it has reached settlements in two other residential
mortgage-backed securities-related litigation cases so far, but
still has cases pending against Goldman Sachs & Co.,
Merrill Lynch, Credit Suisse, Morgan Stanley
and Ally Financial.