April 4, 2018 / 12:15 AM / 8 months ago

Judge tosses lawsuit against U.S. Bank over mortgage bond losses

A federal judge in Manhattan has dismissed a lawsuit accusing U.S. bank of failing to protect investors as trustee of a $2 billion residential mortgage-backed securities trust that suffered losses in the wake of the U.S. housing crisis.

In a decision on Monday, U.S. District Judge Kevin Castel said investors’ allegations were not supported by the “unambiguous language” of the trust contract laying out the bank’s responsibilities as trustee.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2GATs4T

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