Banks Ask 2nd Circ. For Discovery Relief In FHFA Cases

Law360, New York (March 27, 2013, 9:54 PM EDT) -- Morgan Stanley and 13 other banks facing Federal Housing Finance Agency suits over $200 billion in allegedly toxic mortgage-backed securities urged the Second Circuit on Tuesday to reverse several discovery rulings, saying a federal judge has deprived them of critical evidence to pressure them to settle.

The banks, including Morgan Stanley, Merrill Lynch and Goldman Sachs & Co., said in a petition for mandamus relief that U.S. District Judge Denise L. Cote has barred discovery related to important issues including whether Freddie Mac and Fannie Mae...
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