Societe Generale, Others Can't Escape $1.3B FHFA MBS Suit

Law360, New York (November 28, 2012, 2:49 PM EST) -- A New York federal judge on Tuesday denied a bid by Societe Generale SA unit and two other financial giants to toss a Federal Housing Finance Agency suit over nearly $1.3 billion in allegedly toxic mortgage-backed securities, ruling the agency had backed its misrepresentation claims.

U.S District Judge Denise Cote mostly denied a motion by SG Americas Inc., Deutsche Bank Securities Inc. and JP Morgan Securities LLC to dismiss the suit, saying that — as in several other related cases — the FHFA had sufficiently alleged...
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