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German Bank's $160M MBS Suit Too Late, UBS Atty Says

Law360, New York (August 22, 2013, 2:40 PM EDT) -- Germany's fourth-largest bank waited too long under that country's statute of limitations to sue UBS AG over $160 million worth of mortgage-backed securities it bought, a UBS attorney told a New York state judge during a hearing Thursday.

Mary Kay Vyskocil of Simpson Thacher & Bartlett LLP, who represents UBS, told Judge Marcy Friedman that under New York's borrowing statute, the statute of limitations where the party's economic injury is felt determines which jurisdiction's statute of limitations applies to the case.

Deutsche Zentral-Genossenschaftsbank AG, known as...
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