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Deutsche Bank settles class action over RMBS trusts

Pedestrians pass a Deutsche Bank logo outside the offices of Deutsche Bank AG in London, U.K., on Monday, June 8, 2015. John Cryan, a supervisory board member since 2013 who hasn’t run any of the firm’s operations, was named the next chief executive officer of Europe’s largest bank by assets in a surprise announcement Sunday. Photographer: Simon Dawson/Bloomber’

Deutsche Bank agreed to settle a class action Wednesday over its handling of residential mortgage-backed securities trusts.

The suit, filed by lead plaintiff BlackRock (BLK) on behalf of its Balanced Capital Portfolio in U.S. District Court in New York, alleged that defendants Deutsche Bank National Trust Co. and Deutsche Bank Trust Co. Americas "breached its contractual duties by failing to address breaches of representations and warranties across dozens of RMBS trusts containing hundreds of thousands of mortgage loans," said court documents.

"We are pleased to have resolved the matter," a Deutsche Bank spokesman said.

Terms of the resolution were not disclosed. BlackRock spokesman Farrell Denby declined to comment.