Judge Chides Atty For Blaming Client In $371M RMBS Suit

By William Gorta (March 1, 2017, 9:29 PM EST) -- A New York federal judge on Wednesday scolded an attorney for blaming his client for submitting a second amended complaint in the middle of briefing on a motion to dismiss the first complaint, which alleges breach of contract and breach of fiduciary duty by US Bank and BNY Mellon as trustees of mortgage-backed securities.

The suit by a group of funds known as the Triaxx entities alleges that US Bank and BNY Mellon were derelict in their duties as third-party trustees of trusts and for not catching the malfeasance in time, allowing the statute of limitations to run out on the...

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