Judge Won't Limit Trustee Claims Against GE Mortgage Unit
By Evan Weinberger (April 2, 2014, 4:35 PM EDT) -- A federal judge in Connecticut on Monday denied a bid by two General Electric Co. units seeking to pare down a group of lawsuits filed by mortgage securitization trustees over failed housing-bubble era securities.
U.S. District Judge Charles S. Haight rejected WMC Mortgage Corp.'s argument that units of Deutsche Bank AG and Law Debenture Trust Co. of New York did not provide sufficient notice of problems with the underlying mortgages in the securities, instead relying on statistical sampling that did not cover the entirety of the securitization pools.
Statistical sampling is commonly used in cases related to the failure of mortgage-backed...
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