February 25, 2011 - The parties filed a stipulation withdrawing the appeal and the U.S. Court of Appeals for the Second Circuit granted the stipulation.
January 7, 2011 - The lead plaintiffs filed a notice of appeal.

December 9, 2010 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.

June 22, 2010 - Defendants filed a motion to dismiss.

April 23, 2010 - The lead plaintiff filed a third amended complaint on behalf of investors who purchased Capstan Master Trust Auction Rate Credit Linked Certificates between July 30, 2007 and August 19, 2007. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 30, 2007 and August 19, 2007.

March 24, 2010 - The court granted defendants' motion to dismiss without prejudice with leave to replead.

July 29, 2009 - Defendants filed a motion to dismiss.

June 16, 2009 - The court granted the notice of withdrawal and appointed a new lead plaintiff.

April 16, 2009 - The lead plaintiff filed a second amended complaint.

April 9, 2009 - The lead plaintiff filed a notice of withdrawal of lead plaintiff motion.

January 9, 2009 - The lead plaintiff filed an amended complaint.

October 9, 2008 - Lead plaintiff and lead counsel were appointed.

May 16, 2008 - Lead plaintiff motion was filed.

March 17, 2008 - An investor in Auction Rate Securities (ARS) of Deutsche Bank AG (NYSE: DB) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Deutsche Bank AG in connection with certain allegedly false and misleading statements made between March 17, 2003 and February 13, 2008.

The complaint alleges that Deutsche Bank violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates.

The complaint alleges that, pursuant to uniform sales materials and top-down management directives, Deutsche Bank AG offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the complaint, holders of auction rate securities sold by Deutsche Bank AG and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including Deutsche Bank AG to “withdraw their support” for the periodic auctions at which the interest rates paid on auction rates securities are set.

The complaint alleges that Deutsche Bank AG failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because Deutsche Bank AG and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) Deutsche Bank AG and other broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) Deutsche Bank AG continued to market auction rate securities as liquid investments after it had determined that it and other broker dealers were likely to withdraw their support for the periodic auctions and that a “freeze” of the market for auction rate securities would result.