Deutsche Bank Hit with Mortgage Lawsuit

Los Angeles, CA: The Los Angeles city attorney recently filed a mortgage lawsuit against Deutsche Bank AG, claiming it was responsible for allowing a number of foreclosed properties to fall into disrepair.

The Wall Street Journal reports that the lawsuit, which was filed in California state court, also accuses the bank of illegally evicting the significant number of tenants that had been renting the residential properties.

In a release, the city attorney's office said that the bank's liability could be in the range of hundreds of millions of dollars, according to the news provider.

In a response statement, Deutsche Bank said that the mortgage lawsuit had been filed "against the wrong party," claiming it was the loan servicers who were actually responsible for the upkeep of the properties and dealing with the tenants.

However, the city attorney claims that the bank, which owns the properties, is therefore responsible for maintaining them, according to the news source.

Deutsche Bank AG is headquartered in Frankfurt, Germany, according to the company's Web site.