BERLIN, May 5 (Reuters) - Deutsche Bank Chief Executive Josef Ackermann said U.S. lawsuits against the German lender were without foundation but said it as taking legal issues 'extremely seriously'.
On Wednesday the City of Los Angeles sued Deutsche Bank, claiming the global financial institution is one of the biggest 'slumlords' in the second-largest U.S. city.
The suit follows a separate $1 billion lawsuit by the U.S. government filed on Tuesday, accusing the German bank of fraud for repeatedly lying to obtain federal guarantees on mortgages it issued. Deutsche Bank has said it will contest the suit.
'The bank has learned its lesson from the financial crisis,' Ackermann said, adding that no business was worth it if the lender's reputation was put at risk.
(Reporting by Gernot Heller, writing by Edward Taylor) Keywords: DEUTSCHEBANK/LEGAL (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
On Wednesday the City of Los Angeles sued Deutsche Bank, claiming the global financial institution is one of the biggest 'slumlords' in the second-largest U.S. city.
The suit follows a separate $1 billion lawsuit by the U.S. government filed on Tuesday, accusing the German bank of fraud for repeatedly lying to obtain federal guarantees on mortgages it issued. Deutsche Bank has said it will contest the suit.
'The bank has learned its lesson from the financial crisis,' Ackermann said, adding that no business was worth it if the lender's reputation was put at risk.
(Reporting by Gernot Heller, writing by Edward Taylor) Keywords: DEUTSCHEBANK/LEGAL (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2011 AFX News
