2nd Circ. Won't Let UBS Stay FHFA's $6B Suit Over RMBS

Law360, New York (October 1, 2012, 7:49 PM EDT) -- The Second Circuit on Monday denied UBS Americas Inc.'s request for a stay of its proceedings in the Federal Housing Finance Agency's suit over $6.4 billion in allegedly doomed residential mortgage-backed securities sold to Fannie Mae and Freddie Mac.

A three-judge panel issued a brief order refusing to allow UBS to put its proceedings in the Southern District of New York on the back burner pending its appeal of U.S. District Judge Denise Cote’s May order rejecting the bank’s motion for dismissal.

“Upon due consideration, it...
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