NCUA's Claims Trimmed In $400M Morgan Stanley MBS Suit

Law360, Washington (January 23, 2014, 3:39 PM EST) -- A New York federal judge on Wednesday pared down the National Credit Union Administration's suit against Morgan Stanley & Co. Inc. alleging the bank deceived two credit unions about the underlying value of $400 million in residential mortgage-backed securities, saying their Securities Act claims were time-barred.

Although U.S. District Judge Denise Cote allowed NCUA's Illinois and Texas state law claims to move forward because an extender provision lengthened the board's statute of limitations and statute of repose, that same provision couldn't revive their expired Securities Act...
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