BNY Asks Judge To Rethink German Law In $1B RMBS Case
Law360, New York (April 5, 2017, 4:24 PM EDT) -- The Bank of New York Mellon asked a New York federal judge on Tuesday to reconsider his decision to let Commerzbank AG’s billion-dollar case proceed against it for poor oversight of residential mortgage-backed securities trusts, saying the case came too late under German law.
The decision by U.S. District Judge George B. Daniels last month to allow the most important parts of Commerzbank’s suit to proceed to discovery partly rested on a February decision in a similar suit Commerz launched against Deutsche Bank. In both cases, judges found that the defendants hadn’t shown that Commerz’s suits, filed in December 2015, came...
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