RBS, Others Can't Dodge $7.7B MBS Action In 2nd Circ.

Law360, New York (March 1, 2013, 3:36 PM EST) -- Royal Bank of Scotland Group PLC, Deutsche Bank AG and other banks must face a class action over $7.7 billion in mortgage-backed securities that soured during the financial crisis, the Second Circuit ruled Friday, saying the lead plaintiff could sue over securities in which it did not invest.

A three-judge panel said a New York federal judge wrongly tossed the case on the grounds that the New Jersey Carpenters Health Fund invested in only some of the securities that the banks underwrote, and therefore lacked standing....
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