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FDIC Says Bankruptcy Stay Doesn't Block Ally Suit

By Lisa Uhlman (July 6, 2012, 4:20 PM EDT) -- The Federal Deposit Insurance Corp. asked a New York bankruptcy judge Thursday to dismiss an adversary proceeding filed by bankrupt Residential Capital LLC seeking to bar the agency from suing its Ally Securities LLC affiliate for allegedly violating the Securities Act of 1933 in connection with mortgage-backed securities....

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