Law360, New York (June 5, 2013, 7:54 PM EDT) -- RBS Securities Inc. on Monday contested Assured Guaranty Municipal Corp.'s claims that it misrepresented the value of residential mortgage-backed securities worth $291 million to score insurance, arguing that the fraud suit in New York federal court focused on misrepresentations by third parties.
RBS, which stands accused of tricking Assured into providing a financial guaranty policy for the certificates, filed a motion to dismiss the insurer's complaint.
According to RBS, Assured did not plead a proper fraud claim because it did not describe an actionable misrepresentation by...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.