Merrill Can't Cite Dukes To Dodge $16.5B MBS Action

Law360, New York (August 22, 2011, 4:58 PM EDT) -- A New York federal judge on Monday ruled that a recent U.S. Supreme Court decision stiffening class certification standards had no bearing on a previously certified class suing Merrill Lynch & Co. Inc. over $16.5 billion in failed mortgage-backed securities.

U.S. District Judge Jed S. Rakoff ruled the investors bringing suit against Merrill Lynch over the securities, which were stuffed with bundles of bad loans despite the investment bank's alleged statements otherwise, had sufficiently common claims to survive the bar set in the high court's June...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.