Claims Pared From UBS, JP Morgan MBS Suits

Law360, New York (September 4, 2013, 3:25 PM EDT) -- A Kansas federal judge on Tuesday trimmed a pair of lawsuits accusing JP Morgan Securities LLC, UBS Securities LLC and others of misrepresenting the risk of about $2 billion in residential mortgage-backed securities it sold to two now-defunct credit unions, saying many of the claims were time-barred by the so-called extender statute.

U.S. District Judge John Lungstrum on Tuesday rejected the National Credit Union Administration board's claim that tolling agreements prevented the statute's three-year deadline from barring the lawsuits, citing an April case involving Credit Suisse...
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