BayernLB's RMBS Suits Are Time-Barred, Judge Hears

Law360, New York (January 28, 2014, 7:57 PM EST) -- Barclays PLC and Deutsche Bank AG pushed back Tuesday against separate lawsuits brought by German bank Bayerische Landesbank stemming from the sale of over a billion dollars in toxic residential mortgage-backed securities, telling a New York judge the actions are time-barred.

In consecutive hearings before New York Supreme Court Judge Marcy S. Friedman, Barclays and Deutsche Bank both argued that under German law, which they say applies pursuant to New York's borrowing statute, state-owned BayernLB's suits are untimely under Germany's three-year statute of limitations for bringing...
To view the full article, register now.