High Court Won't Hear Banks' Appeal In FHFA Securities Suit

Law360, New York (October 7, 2013, 3:45 PM EDT) -- More than a dozen banks accused by the Federal Housing Finance Agency of selling toxic mortgage-backed securities to Fannie Mae and Freddie Mac before the financial crisis cannot challenge a Second Circuit ruling allowing a bellwether FHFA case to proceed against UBS AG, the U.S. Supreme Court said Monday.

The Supreme Court denied the banks’ motion to intervene in the UBS case and to file a petition for writ of certiorari. In effect, the ruling preserves the Second Circuit’s April 5 finding that the FHFA, the...
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