US Bank Exec May Be Liable For Alleged MBS Fraud: Judge

Law360, New York (October 25, 2011, 7:47 PM EDT) -- A Nebraska federal judge denied a U.S. Bank NA executive's bid Tuesday to exit Woodmen of the World Life Insurance Society's suit over alleged misrepresentations concerning mortgage-backed securities, saying employees are liable for torts committed within the scope of employment.

Emil Busse, managing director of U.S. Bank's securities lending program, had sought an exit from the negligence, breach of contract, fraud, misrepresentation and breach of fiduciary duty suit based on lack of personal jurisdiction and failure to state a claim, but U.S. District Judge Joseph F....
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