Simpson Thacher Wins Summary Judgment for Deutsche Bank in FDIC RMBS Litigation
On February 9, 2026, Simpson Thacher secured a complete summary judgment victory for client Deutsche Bank Securities Inc. (“Deutsche Bank”), resulting in dismissal of all claims brought by the Federal Deposit Insurance Corporation (“FDIC”), acting as receiver for Citizens National Bank.
Chief District Judge Laura Swain held that there was no genuine dispute of material fact that Deutsche Bank was not a statutory “underwriter” of the subordinated certificates purchased by Citizens National Bank, finding it was undisputed that Deutsche Bank did not purchase, sell, or distribute the specific securities at-issue and that there was no evidence that Deutsche Bank performed any activities related to the distribution of the certificates at-issue. The Court rejected the FDIC’s argument that Deutsche Bank should be liable as the “lead underwriter” for the entire offering, emphasizing that Section 11 liability is limited to the specific securities actually purchased by the plaintiff. The Court accordingly granted Deutsche Bank’s motion for summary judgment and dismissed Plaintiffs’ claim.
The Simpson Thacher team included Partner Linton Mann III and Counsel Amy Dawson.