FDIC's Strategic Capital MBS Suit Ruled Time-Barred

Law360, New York (April 23, 2013, 1:41 PM EDT) -- A California federal judge on Monday threw out an $11 million suit brought by the Federal Deposit Insurance Corp., acting as receiver for the failed Strategic Capital Bank, against JPMorgan Chase & Co. and others over allegedly faulty mortgage-backed securities certificates, finding the suit’s claims are time-barred.

The FDIC brought the suit against units of JPMorgan, Bank of America Corp., Citigroup Inc. and Deutsche Bank AG, and it later was transferred into multidistrict litigation targeting BofA’s Countrywide Financial Corp. and others over purportedly misleading statements regarding...
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