2nd Circ. FIRREA Ruling Impacts $32B, Banks Tell High Court
Law360, New York (October 14, 2016, 6:15 PM EDT) -- UBS Securities LLC and other investment banks have urged the U.S. Supreme Court to review the Second Circuit's split ruling that the Financial Institutions Reform, Recovery and Enforcement Act extended deadlines for the government to file mortgage-backed securities suits, saying it affects litigation involving $32 billion in securities.
The Second Circuit revived the Federal Deposit Insurance Corp.'s claims against several investment banks over $388 million in unstable mortgage-backed securities they sold to Colonial Bank, causing its collapse. The group of banks argued in their Oct. 6 petition that the Supreme Court should review the matter as one of "exceptional national importance,"...
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