BlackRock Inc., the world’s biggest money manager, and Pacific Investment Management Co. are among investors that sued banks including Citigroup Inc. and Deutsche Bank AG over their roles as mortgage-bond trustees, as investors continue to try to recover losses from the financial crisis.
Doug Naidus made his fortune selling a mortgage company to Deutsche Bank AG months before the U.S. housing market collapsed. Now he’s found a way to profit from loans to business owners with bad credit.
When Deutsche Bank AG foreclosed on a Las Vegas parcel in the depths of the 2008 crisis, it decided to double down. The bank spent $4 billion on a hotel and casino with private terraces, high-end restaurants and a multi-level nightclub to create one of the Strip’s hottest destinations.
Deutsche Bank AG sued to block some of its former wealth-management employees from joining competitor HPM Partners LLC, including two who claim they were forced out after being pressured to sell products that weren’t good for their clients.