October 22, 2019 / 12:17 AM / a month ago

IN BRIEF: Judge says FDIC can proceed with suit over RMBS certificates

Reports of trouble in the Residential Mortgage-Backed Securities market in 2008 were not enough to put purchasers of RMBS certificates on notice of potential securities-fraud claims against the issuers and underwriters, U.S. District Judge Laura Swain Taylor ruled in Manhattan on Friday.

The decision allows the Federal Deposit Insurance Corp to proceed with an amended complaint it filed in 2017, as receiver for Citizens National Bank and Strategic Capital Bank, against Credit Suisse Securities (USA), Deutsche Bank Securities, HSBC Securities (USA), RBS Securities and UBS Securities.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2qtMbAM

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