March 21, 2019 / 10:31 PM / in a month

U.S. banks win dismissal of FDIC lawsuits over mortgage-backed bonds

A federal judge has dismissed lawsuits by the Federal Deposit Insurance Corp accusing Citibank, Bank of New York Mellon and U.S. Bank of failing in their duties as trustees for money-losing mortgage bonds once owned by a failed Texas bank.

In a decision on Wednesday, U.S. District Judge Andrew Carter in Manhattan said the FDIC, the receiver for Austin-based Guaranty Bank, lacked standing to sue because it had sold the mortgage-backed bonds after taking over the bank in 2009.

To read the full story on WestlawNext Practitioner Insights, click here:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below