Deutsche Bank Unit Off Hook in Mortgage-Backed Offering Suit

Deutsche Bank Securities Inc. didn’t act as an “underwriter” for residential mortgage-backed securities that allegedly harmed Citizens National Bank, a federal court ruled.

Deutsche Bank Securities is entitled to summary judgment on claims by Citizens’ receiver, the Federal Deposit Insurance Corp., Judge Laura Taylor Swain said Monday for the US District Court for the Southern District of New York.

The suit, dating back to 2012, is part of the fallout from the subprime mortgage crisis of 2008. The FDIC’s claims against J.P. Morgan Securities LLP, UBS Securities LLC, and other financial institutions were previously dismissed, according to the ...