$281M RMBS Suit Against Morgan Stanley Beats Dismissal Bid

Law360, New York (April 22, 2014, 7:42 PM EDT) -- A New York judge on Tuesday refused to throw out a $281 million fraud suit brought by Israeli megabank Bank Hapoalim BM brought against several Morgan Stanley & Co. Inc. units over misrepresentations about risky residential mortgage-backed securities, but trimmed two claims from the action.

Following oral arguments on Morgan Stanley's motion to dismiss the case, New York Supreme Court Judge Marcy S. Friedman ruled from the bench, saying that Bank Hapoalim, Israel's largest bank, has adequately pled its case, besides allegations related to the transfer of loan pools into trusts.

As she sometimes does in RMBS cases, Friedman declined to...

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