Banks Told RMBS Subpoena Order Is 'Cost Of Doing Business'

Law360, New York (January 12, 2018, 11:24 PM EST) -- A New York federal judge on Friday refused pleas from banks and mortgage companies to scale back his order allowing costly subpoenas for loan documents to go forward in a U.S. Department of Justice civil action against Barclays PLC over $31 billion worth of toxic residential mortgage-backed securities, saying it’s the cost of doing business.

At a status conference in Brooklyn, U.S. Magistrate Judge James Orenstein refused several motions from non-parties Bank of America NA, Wells Fargo NA, Citigroup Inc., an HSBC Holdings PLC unit, Ocwen...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.