Merrill, Others Say Allstate's $456M MBS Claims Time-Barred

Law360, New York (April 13, 2012, 3:52 PM EDT) -- Deutsche Bank AG, Merrill Lynch & Co. Inc. and Morgan Stanley told a New York state judge Friday that Allstate Insurance Co. had waited too long to sue over $456 million worth of allegedly overrated mortgage-backed securities.

Thee three banks and their affiliates, who were named as defendants in separate suits Allstate brought last year, told New York Supreme Court Judge Eileen Bransten during a hearing Friday that statutes of limitations all barred the insurer's claims as a day late and a dollar short.

For example,...
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