2nd Circ. Won't Revive RBS Investors' Subprime Class Action

Law360, New York (September 25, 2013, 3:48 PM EDT) -- The Second Circuit on Wednesday declined to revive an investor class action alleging Britain's Royal Bank of Scotland PLC had misled investors about its exposure to subprime mortgage-backed securities, finding RBS had satisfied its disclosure requirements.

In a summary order, a three-judge panel for the appeals court ruled that offering documents for five RBS securities identified exposure to tens of billions of pounds worth of securitized assets, including U.S. securitizations of residential mortgages, and the risks and rewards associated with them.

While those documents didn’t state...
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