Law360, New York (December 22, 2015, 4:10 PM EST) -- Deutsche Bank and Wells Fargo on Tuesday urged a New York federal judge to throw out a pair of suits by BlackRock accusing the banks of causing billions of dollars in mortgage backed securities losses during the financial crisis, arguing the court lacked jurisdiction over most of the asset manager’s claims.During a hearing in Manhattan court, counsel for two Deutsche Bank units and Wells Fargo Bank NA sought to dismiss allegations stemming from the banks' roles as trustees for hundreds of residential mortgaged backed securities trusts that collapsed during the crisis.BlackRock filed a suit against each bank in 2014, claiming... 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 Wells Fargo have urged a New York federal judge to dismiss a pair of lawsuits filed by BlackRock accusing the banks of causing billions of dollars in of losses related to mortgage-backed securities during the financial crisis. The lawsuit was brought on behalf of investors who bought or sold investments linked to mortgage bonds issued by Fannie Mae (FNM) and Freddie Mac (FRE), which were both government-sponsored enterprises.