FDIC v FIRST HORIZON ASSET SECURITIES, INC.| Clock did not run out on FDIC lawsuit vs big banks - U.S. court

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FDIC v FIRST HORIZON ASSET SECURITIES, INC.| Clock did not run out on FDIC lawsuit vs big banks – U.S. court

FDIC v FIRST HORIZON ASSET SECURITIES, INC.| Clock did not run out on FDIC lawsuit vs big banks – U.S. court

Reuters-

The U.S. government on Thursday won a victory in its effort to hold big banks liable for selling older toxic debt as a divided federal appeals court in New York revived a Federal Deposit Insurance Corp lawsuit over the 2009 collapse of Alabama’s Colonial BancGroup Inc.

In a 2-1 decision on Thursday, the 2nd U.S. Circuit Court of Appeals said the FDIC did not wait too long to sue Credit Suisse Group AG, First Horizon National Corp, Royal Bank of Scotland Group Plc, Wells Fargo & Co and seven other banks for selling or underwriting toxic mortgage securities that Colonial bought.

The 2-1 decision on Thursday confirmed the authority of federal agencies to pursue older claims, often predating the financial crisis, concerning the sale of shoddy debt to banks, finance companies and credit unions they oversee as receivers or conservators.

[REUTERS]

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