RBS, Underwriters Move To Nix Remaining MBS Claims

Law360, New York (June 1, 2011, 6:33 PM EDT) -- Royal Bank of Scotland Group PLC and 10 underwriter defendants, accused of fraud by preferred investors who bought $950 million in risky mortgage-backed securities, filed separate dismissal bids in New York federal court on Wednesday.

RBS' dismissal motion argues that the relatively few claims remaining in the case — brought by lead plaintiff the Freeman Group — should be litigated in the United Kingdom.

"Dismissal in favor of the U.K. would advance the interest in avoiding duplicative litigation, by reuniting the preferred share claims with the...
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