US Bank Can't Save RMBS Suit, Keeps 2nd Chance In Another

By Jon Hill (February 19, 2019, 11:21 PM EST) -- New York's highest court handed down mixed rulings on Tuesday in a pair of residential mortgage-backed securities cases pitting U.S. Bank against a Credit Suisse-owned deal sponsor, saying that the bank can't relate its way around a problem in one case but isn't doomed by a key purported procedural misstep in the other.

The New York State Court of Appeals said that U.S. Bank NA can't use the so-called relation-back doctrine to essentially substitute itself in as plaintiff for breach-of-contract claims that the Federal Housing Finance Agency had filed in 2012 against DLJ Mortgage Capital Inc. over allegedly defective loans in...

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