2nd Circ. Will Hear UBS Timeliness Appeal In $6B MBS Suit

Law360, New York (August 14, 2012, 6:30 PM EDT) -- The Second Circuit on Tuesday agreed to hear UBS Americas Inc.'s appeal of a May order rejecting its bid to stamp out a Federal Housing Finance Authority lawsuit accusing it of steering Fannie Mae and Freddie Mac into $6.4 billion worth of doomed securities.

UBS had failed to convince U.S. District Judge Denise Cote that the FHFA's suit was time-barred under the 2008 Housing and Economic Recovery Act, which created the FHFA and tasked it with recouping public money. However, Judge Cote granted UBS' request to...
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