City Of L.A., Bankster Agree To $10M Settlement In Slumlord Suit Accusing Deutsche Bank Of Becoming One Of The Major Slumlords In City By Allowing Hundreds Of Foreclosed REOs In Low-Income Neighborhoods To Fall Into Disrepair
In Los Angeles, California, the Los Angeles Times reports:
- When lawyers for the city of Los Angeles took Deutsche Bank to court two years ago, they decried the world’s-fourth largest bank as among the city’s worst slumlords and sought hundreds of millions of dollars in penalties and restitution.
But a settlement announced by city officials Friday only delivered $10 million —none of which will be paid directly by the bank. The bank does, however, have to ensure its foreclosed properties are properly maintained in the city, L.A. officials said.