Judge Won't Excuse UBS From 1st Trial In FHFA MBS Cases

Law360, New York (June 13, 2012, 8:03 PM EDT) -- A New York federal judge on Wednesday refused to allow UBS Americas Inc. to beg off as the first defendant to be tried in 16 suits brought by the Federal Housing Finance Agency over failed mortgage-backed securities sold to Fannie Mae and Freddie Mac.

UBS’ lead attorney, Jay Kasner of Skadden Arps Slate Meagher & Flom LLP, had argued that because UBS was not a loan originator and is not being accused of fraud, it was not the best representative case. The FHFA has accused the...
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