FHFA vs USB - Judge to banks: no limits on Fannie/Freddie MBS securities cases

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Judge to banks: no limits on Fannie/Freddie MBS securities cases

Judge to banks: no limits on Fannie/Freddie MBS securities cases

Alison Frankel-

If bank defendants in the Federal Housing Finance Agency’s 15 cases before U.S. District Judge Denise Cote in Manhattan federal court weren’t already thinking about what it might cost to settle securities claims by Fannie Mae and Freddie Mac’s conservator, now would be a good time to start.

On Friday, in a 66-page opinion that wipes out strong defense arguments in all of the FHFA cases before her, Cote denied UBS’ motion to dismiss any of the agency’s federal securities claims (though she did toss the state-law negligent misrepresentation claim). Most significantly, the judge brushed aside UBS’ argument that the FHFA’s claims were time-barred under both the statute of limitations and the more obscure statute of repose.

[REUTERS ON THE CASE]

[ipaper docId=92723606 access_key=key-1p5677i1z3djuap6mj3s height=600 width=600 /]

 

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