RBS Sees Some Claims Cut From Colonial RMBS Sale Suit

Law360 (March 12, 2020, 3:11 PM EDT) -- A New York federal judge has dismissed some of the claims against RBS Securities in a long-running Federal Deposit Insurance Corp. suit over the sale of mortgage-backed securities to now-defunct Colonial Bank, saying RBS didn't underwrite the securities at issue.

U.S. District Judge Louis Stanton dismissed two of the three claims the FDIC brought against RBS, saying RBS can't be held liable for the sale of residential mortgage-backed security certificates it didn't underwrite even if they were bundled with different securities it did underwrite.

The FDIC originally filed the suit against RBS and a number of other financial institutions in 2012,...

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