Use Of Sampling In Royal Park RMBS Suit Ruled Too Pricey
Law360 (November 19, 2019, 1:31 PM EST) -- Royal Park Investments SA/NV can’t use loan sampling to support its claims that BNY Mellon bundled thousands of toxic loans into residential mortgage-backed securities because the discovery method is not cost-effective, a New York federal judge ruled Monday.
While the investment firm’s previous attempts to get permission for sampling in other suits against RMBS trustees have all been denied due to a Second Circuit precedent that a trustee’s alleged misconduct must be proved on a “loan-by-loan and trust-by-trust” basis, U.S. District Judge Gregory H. Woods rejected the latest request for financial reasons.
He held that Royal Park has not yet proven...
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