A judge has denied Deutsche Bank's bid to dismiss a lawsuit by the city of Los Angeles accusing it of letting hundreds of foreclosed properties fall into disrepair and illegally evicting low-income tenants, a representative for the city's attorney said on Wednesday.
The ruling was made during an April 8 hearing and a written decision was issued late on Tuesday, the city said.
'This ruling will now allow our action to move forward to trial and ultimately to holding the bank accountable for its intolerable practice or perpetuating blight', city attorney Carmen Trutanich said in a statement.
In the meantime, the news agency reports that a federal judge said on Wednesday the U.S. government can proceed with a lawsuit accusing Bank of New York Mellon Corp of overcharging clients for trading currencies, a case brought under a rarely-used financial fraud law.
While dismissing some of the fraud claims, U.S. District Judge Lewis Kaplan in Manhattan said the complaint 'generally suffices' to let the government pursue its main claim, that the bank fraudulently misrepresented that it would provide 'best execution' to various trading clients.