2nd Circ. Remands Love Funding Champerty Suit

Law360, New York (January 13, 2010, 10:25 AM EST) -- Months after New York's highest court clarified the limits of the state's arcane champerty law, a federal appeals court has reversed a district court's ruling that an investors' trust can sue commercial mortgage banking firm Love Funding Corp. over mortgage-backed securities gone bad.

The U.S. Court of Appeals for the Second Circuit on Tuesday remanded the case for judgment in favor of the trust and a calculation of damages.

In October, the New York Court of Appeals had certified the Second Circuit's questions and ruled that...
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