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Banks Told RMBS Subpoena Order Is 'Cost Of Doing Business'

Law360, New York (January 12, 2018, 11:24 PM EST) -- A New York federal judge on Friday refused pleas from banks and mortgage companies to scale back his order allowing costly subpoenas for loan documents to go forward in a U.S. Department of Justice civil action against Barclays PLC over $31 billion worth of toxic residential mortgage-backed securities, saying it’s the cost of doing business.

At a status conference in Brooklyn, U.S. Magistrate Judge James Orenstein refused several motions from non-parties Bank of America NA, Wells Fargo NA, Citigroup Inc., an HSBC Holdings PLC unit, Ocwen...
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