Merrill Lynch Can't Dodge Trusts' RMBS Buyback Suit

Law360, New York (September 13, 2013, 8:09 PM EDT) -- A New York state judge on Friday rebuffed Merrill Lynch’s attempt to dismiss a lawsuit accusing it of reneging on a deal to buy back defective loans Merrill bought from now-bankrupt ResMae Mortgage Corp. to turn into residential mortgage-backed securities, saying Merrill is attempting to rewrite the agreement.

New York Supreme Court Justice Melvin L. Schweitzer found the force of the argument’s by the plaintiffs, two trusts that hold mortgages on behalf of investors who own more than $1 billion in securities collateralized by those loans,...
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