BNY Mellon Ducks $100M RMBS Case 'Full Of Holes'

Law360, New York (August 7, 2017, 4:09 PM EDT) -- The first case against a residential mortgage-backed securities trustee to go to trial was spiked Friday by an Ohio judge, who said insurers' $100 million suit against BNY Mellon was "full of holes" and relied on a "grossly inappropriate" way of calculating damages.

Western & Southern Life Insurance Co. and other insurers had invested heavily in RMBSs before the financial crisis, but lost out when default rates spiked and a wave of foreclosures swept the U.S. The insurers in 2013 sued Bank of New York Mellon Corp., which held the loans in trust, for allegedly failing to reject dud mortgages that...

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