Mortgage case against Deutsche Bank filed too late: NY court

A unit of Deutsche Bank AG (DBK.DE) won dismissal Thursday of a $330 million mortgage securities lawsuit, in a victory for banks who claim the statute of limitations has expired on many such cases. A New York state appeals court found that the case was barred by the state’s six-year statute of limitations, ruling that the clock began to run when the contract was executed in 2006. The decision reversed a May 13 ruling by a lower court, which had found that the statute of limitations did not begin until the bank refused investor demands that it repurchase the defective loans. Marc Kasowitz, who represented ACE Securities Corp, the bondholder who brought the case, said in an email that he looked forward to “a successful appeal” of Thursday’s ruling.

    

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