UPDATE 1-Judge says will rule quickly on Canada ABCP plan

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By Frank Pingue

TORONTO, May 13 (Reuters) - The judge overseeing a massive restructuring plan for Canada's nonbank asset-backed commercial paper market said on Tuesday he will try to rule quickly on whether the plan should go ahead without changes.

"I will try to do my part in a relatively short period of time," Ontario Superior Court Judge Colin Campbell said at the end of two-day hearing on the fairness of the plan.

Campbell has to decide whether to approve the C$32 billion ($32 billion) plan as presented or whether he will make changes that would allow lawsuits.

Earlier, a lawyer told the judge that the court does not have the jurisdiction to give banks immunity from lawsuits.

A key sticking point in the restructuring plan is that it prevents corporate noteholders from suing the banks and brokerages that sold them the stricken asset-backed commercial paper, which has been frozen since last August.

Canadian banks have agreed to fund the restructuring plan as long as they are not sued, but opponents say the legal releases in the plan are too broad and could rule out fraud claims.

Granting such immunity is outside the court's jurisdiction, according to the submission made on Tuesday by Ken Rosenberg, who represents noteholder Ivanhoe Mines Ltd.