'Ridiculous' $2.7B MBS Suit Needs Reining In, Judge Says

Law360, New York (April 24, 2013, 5:57 PM EDT) -- A New York state judge hacked apart an "impenetrable" and "ridiculous" $2.7 billion mortgage-backed securities lawsuit against a half-dozen megabanks during a hearing Wednesday, saying it was too convoluted to manage.

Investment vehicles associated with the collapsed German bank WestLB AG have sued JPMorgan Chase & Co., Credit Suisse AG, Morgan Stanley, Royal Bank of Scotland Group PLC, Merrill Lynch & Co. Inc. and Goldman Sachs Group Inc. and their affiliates, claiming that they misrepresented the underwriting standards they used on 272 separate securities worth $2.7...
To view the full article, register now.