Lax & Neville LLP has been retained by several investors who lost money in the Aravali Fund which were sold to investors by Deutsche Bank Securities and other brokerage firms in 2006 and 2007. Deutsche Bank and the other firms promoted the Aravali Fund to investors as being designed to produce stable tax advantaged cash flows by investing in a portfolio of leveraged but hedged AAA rated municipal bonds. It was marketed as having a lower risk than simply owning AAA rated municipal bonds. The funds were described as an alternative to fixed income holdings to those whose investment objectives were preservation of capital and tax advantaged income. The hedging programs Aravali put in place were supposed to maintain capital while maximizing the risk-adjusted return. These representations caused investors to invest two hundred million dollars in these funds. We understand that these investors were looking for a safe way to earn tax free income and received recommendations to invest in this fund. Unfortunately, our investigation to date shows that Deutsche Bank and other brokerage firms' and their representatives grossly mislead investors about the safety of these investments. Not long after inception the fund dropped in excess of 90% and is now being liquidated. Many investors have been dramatically damaged by their brokerage firm's misrepresentations and the unsuitable nature of this investment for their situation. Indeed one Deutsche Bank broker, Russell K. Smith, took has own life after losing his clients' money invested in Aravali. The broker's suicide note admits he was mislead by Deutsche Bank and as a result, he mislead investors as to the risks of investing in Aravali: "I was told by my firm and Aravali that this strategy was conservative, and would deliver excess returns with minimal market risks. I relied on my firm's due diligence and the assertions of Aravali that this was a conservative, income producing strategy. . . We had unprecedented financial turmoil in our markets. However, the Aravali strategy (in my opinion) should have been able to survive this turmoil. The fact that it did not goes back to Deutsche Bank and the fund." If you have lost money investing in the Aravali Funds or have information about Deutsche Bank's marketing of these funds, please call Lax & Neville LLP, 212-696-1999.