UBS, BofA Unit Freed From Insurers’ RMBS Suits

Law360, Los Angeles (July 2, 2014, 4:23 PM EDT) -- A Wisconsin federal judge on Wednesday freed UBS Securities LLC and Banc of America Securities LLC from suits brought by CUNA Mutual Group affiliates seeking to undo their purchases in stakes worth millions in mortgage-backed securities offerings they claim they were tricked into buying, ruling that the insurers' claims are time-barred.

U.S. District Judge William M. Conley granted UBS' and Banc's motions to dismiss, agreeing that the claims brought by the CUNA Mutual affiliates are barred under Wisconsin's six-year statute of limitations for contract actions.

While the parties disputed the appropriate law to apply to some of the certificates at issue...

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