Prudential's $200M Barclays MBS Suit Returns To State Court

Law360, San Francisco (May 6, 2013, 7:34 PM EDT) -- A New Jersey federal judge on Monday remanded to state court a lawsuit alleging Barclays Bank PLC and others duped Prudential Insurance Co. of America into buying $200 million in residential mortgage-backed securities, finding that the case is purely a state matter.

In a two-page ruling, U.S. District Court Judge William J. Martini agreed with Magistrate Judge Mark Falk, who recommended in January that the case be remanded because it “has no business in federal court.” Barclays removed the case to federal court in September on...
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