Barclays Ducks Claims In FHFA's Suit Over $5B In MBS Sales

Law360, New York (November 19, 2012, 10:04 PM EST) -- A New York federal judge Monday dismissed Federal Housing Finance Agency claims against Barclays PLC, ruling that the bank isn't liable under a Virginia law for selling $4.9 billion in purportedly shoddy mortgage-backed securities to Fannie Mae and Freddie Mac because it didn't sell the securities itself.

U.S. District Judge Denise Cote ruled that Barclays and its depositor SABR were not liable under the Virginia Securities Act because the law doesn't cover any misstatements made during a securities offer — as opposed to an actual sale....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Federal Housing Finance Agency v. Barclays Bank Plc, et al


Case Number

1:11-cv-06190

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Denise L. Cote

Date Filed

September 2, 2011

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.