Barclays Says $188M MBS Suits Too Late Under German Law

Law360, New York (July 24, 2013, 6:03 PM EDT) -- Two German banks can't pursue claims against Barclays Bank PLC over $188 million in mortgage-backed securities they bought because they waited too long to bring their suits under German law, the British bank's attorney told a New York state judge during a hearing Wednesday.

Jeffrey T. Scott of Sullivan & Cromwell LLP, who represents Barclays, argued during the hearing that despite the fact Deutsche Zentral-Genossenschaftsbank AG, known as DZ Bank, has a branch in New York, it isn't a separate legal entity and thus is subject...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.