Morgan Stanley Again Targets Suit Over $104M In Bad MBS
Law360, New York (April 24, 2014, 7:37 PM EDT) -- Morgan Stanley on Thursday sought to undo a lower court’s ruling that found Allstate Insurance Co.’s suit over $104 million in allegedly overrated mortgage-backed securities to be timely, telling a New York appeals court the claims are barred by Illinois’ statute of limitations.
During oral arguments before a five-judge panel of the New York Supreme Court Appellate Division, First Department, Morgan Stanley’s attorney James P. Rouhandeh of Davis Polk & Wardwell LLP said the trial judge had erred in holding that Allstate must have had actual notice of its claims of misrepresentation by Morgan Stanley for the suit to be time-barred....
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