Banks Win Discovery Bid In $2.4B MBS Suit

Law360, New York (May 4, 2011, 2:58 PM EDT) -- A U.S. unit of Cambridge Place Investment Management LLP suing several financial giants over $2.4 billion in allegedly shoddy mortgage-backed securities must face jurisdictional discovery, a Massachusetts federal judge said Monday, as the defendants seek to keep the case in federal court.

Judge Nathaniel M. Gorton's ruling scotched the December recommendation of Magistrate Judge Judith G. Dein that no such discovery was warranted regarding Cambridge Place Investment Management Inc.'s status as a plaintiff targeting defendants including Morgan Stanley & Co. Inc., Citigroup Global Markets Inc., Credit...
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