Judge Denies Class Cert. In RBS Subprime Action

Law360, New York (January 19, 2011, 5:45 PM EST) -- A federal judge has denied class certification to investors accusing Royal Bank of Scotland Group PLC and Residential Capital LLC of misleading them into buying billions of dollars worth of securities backed by risky subprime mortgages.

Judge Harold Baer Jr. of the U.S. District Court for the Southern District of New York in a single order Tuesday declined to certify classes in two cases over mortgage-backed securities, finding in both lawsuits that individual questions predominated and that class actions would not be the best way to...
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