On December 13, 2011, DZ Bank AG, a German lender, filed a summons with notice in the Supreme Court of the State of New York against Ally Financial, Bank of America, RBS Securities, and Financial Guaranty Insurance Company, and related entities. DZ Bank seeks to recover losses incurred on 11 RMBS certificates sold between 2005-2007, purchased for approximately $289.8 million. DZ Bank alleges that the defendants made misrepresentations and omissions in the offering materials regarding underwriting standards, key statistical characteristics of the mortgage loans underlying the certificates, and credit ratings. DZ Bank is pursuing claims based on common-law fraud, fraudulent inducement, negligent misrepresentation, and aiding and abetting fraud. Summons.
