High Court Denial Pushes Banks To Settle With FHFA

Law360, New York (October 8, 2013, 7:25 PM EDT) -- The U.S. Supreme Court's rejection Monday of several banks' move to challenge Federal Housing Finance Agency mortgage fraud lawsuits leaves them with a tougher fight against the regulator and makes it more likely that banks will have to reach a deal, attorneys say.

At issue was a request by over a dozen banks to intervene and seek a writ of certiorari in a bid to challenge a Second Circuit decision that allowed the FHFA's claims that UBS AG sold toxic mortgage-backed securities to move forward. The Second...
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