Barclays Says $188M MBS Suits Too Late Under German Law

Law360, New York (July 24, 2013, 6:03 PM EDT) -- Two German banks can't pursue claims against Barclays Bank PLC over $188 million in mortgage-backed securities they bought because they waited too long to bring their suits under German law, the British bank's attorney told a New York state judge during a hearing Wednesday.

Jeffrey T. Scott of Sullivan & Cromwell LLP, who represents Barclays, argued during the hearing that despite the fact Deutsche Zentral-Genossenschaftsbank AG, known as DZ Bank, has a branch in New York, it isn't a separate legal entity and thus is subject...
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