Supreme Court Rebuffs Cleveland Subprime Case

Law360, New York (March 21, 2011, 4:08 PM EDT) -- Blocking Cleveland's crusade to recover millions of dollars from Wall Street banks for its devastating tide of foreclosures, the U.S. Supreme Court declined Monday to review a decision in favor of more than 20 subprime lenders.

The high court shot down the city's petition for writ of certiorari, giving no reason for its decision not to weigh in on the question of to what extent a federal court sitting in diversity can predict governing state law on the basis of federal precedent that construes federal law....
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