US Bank Gets Pension Fund's MBS Trustee Suit Pared Down

Law360, New York (June 3, 2013, 5:50 PM EDT) -- A New York federal judge on Monday dismissed key class action claims launched by an Oklahoma pension fund alleging U.S. Bank NA failed to properly protect investors in its role as trustee for a series of mortgage-backed securities.

U.S. District Judge G. Koeltl's ruling goes against the opinions of two other judges within the Second Circuit over trustees' liabilities under the Trust Indenture Act when mortgage-backed securities fail, an issue that the circuit court is currently considering.

But unlike the previous two decisions in one case...
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