Opinion ID: 624666
Heading Depth: 2
Heading Rank: 1

Heading: the foreign proceeding

Text: Brandi-Dohrn is a shareholder of Appellee IKB Deutsche Industriebank AG (IKB), a bank located in Germany. In July 2008, Brandi-Dohrn filed an action in Germany against IKB to seek recovery for securities fraud. He alleges that IKB misled him into purchasing its shares by failing to disclose its significant exposure to collateralized debt obligations (CDOs) backed by United States based subprime mortgages. He also alleges that IKB issued a press release that falsely downplayed the impact that the ratings agencies' downgrading of the CDOs would have on the Bank's operations. In August 2010, the German trial court (the Landgericht) dismissed the case and, in November 2010, Brandi-Dohrn appealed the action to the German intermediate appellate court (the Oberlandesgericht). The German appellate court was expected to hear the appeal in February 2012.