Justices Won't Hear Banks' Appeal In FDIC's $140M MBS Suit

Law360, New York (December 4, 2017, 9:51 PM EST) -- The U.S. Supreme Court on Monday said it won’t review a Second Circuit decision allowing the Federal Deposit Insurance Corp. to move forward with a $140 million mortgage securities suit against a group of five banks, leaving in place the appellate court’s interpretation of a so-called extender statute in the Financial Institutions Reform, Recovery and Enforcement Act.

Units of Credit Suisse, Deutsche Bank, HSBC, the Royal Bank of Scotland and UBS had urged the high court to take up the case, arguing that the Second Circuit...
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