Law360, New York (September 14, 2015, 5:07 PM EDT) -- The Fifth Circuit refused Deutsche Bank AG and Royal Bank of Scotland PLC an en banc review Friday of a panel's revival of the Federal Deposit Insurance Corp.’s securities fraud suit over $2.1 billion in residential mortgage-backed securities the banks sold.A Fifth Circuit panel had ruled in early August that a district court wrongly dismissed as time-barred, the consolidated suit accusing Deutsche, RBC and Goldman Sachs Group Inc. of making false and misleading statements in selling and underwriting RMBS.The panel found that an FDIC statute preempting all state statutes of limitations also applies to more-stringent statutes of repose and... 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. TRY LAW360 FREE FOR SEVEN DAYS
Deutsche Bank and the Royal Bank of Scotland ( RBS ) have been notified by the treasury Circuit an en banc review of a panel 's revival of the Federal Deposit Insurance Corp ( FDIC ) securities fraud suit . The FDIC brought claims under the federal securities Act and the Texas Securities Act , alleging that the company made false and misleading statements in selling and underwriting $ 500 in residential mortgage - backed securities to Guaranty Bank .