10th Circ. Won't Kill $1B MBS Row With RBS, Others
By Sindhu Sundar
Law360, New York (August 27, 2013, 8:54 PM EDT) -- The independent agency that regulates federally chartered credit unions can proceed with its claims against a number of banking giants, including the Royal Bank of Scotland Group PLC and Wells Fargo & Co., over $1 billion in soured residential mortgage-backed securities, after the Tenth Circuit ruled Tuesday that its claims were not time-barred.
A three-judge panel affirmed a lower court’s opinion rejecting the defendants’ bid to dismiss the claims by the National Credit Union Administration Board, siding with that court’s finding that the so-called extender statute...