Yetter Coleman recently secured a notable eve-of-trial settlement – perhaps the largest non-confidential settlement in Texas this year – on behalf of the firm’s client Federal Deposit Insurance Corporation, as receiver for Guaranty Bank, in a securities suit against Deutsche Bank Securities in Austin federal court.
After years of litigation, and the night before jury selection, Deutsche Bank agreed to pay $150 million to settle the mortgage-backed securities case involving Guaranty Bank. It is another successful recovery by the FDIC among its pursuit of various mortgage-backed securities cases around the country.
This latest result is the third significant recovery by Yetter Coleman for the FDIC, along with a $29 million settlement earlier in 2019 from Royal Bank of Scotland involving Guaranty Bank and a $24 million settlement against Morgan Stanley in a state-court suit involving Franklin Bank, which was the #1 disclosed settlement in Texas that year.
Paul Yetter and Bryce Callahan were lead trial counsel, with team members April Farris, Wynn McCloskey, and Doug Griffith. Co-counsel for the litigation was New York-based Grais & Ellsworth LLP.