U.S. appeals court rejects UBS AG bid to dismiss FHFA lawsuit over Fannie Mae, Freddie Mac mortgage losses: court ruling
H/T to Alison Frankel for this... "VERY BAD NEWS for banks sued by FHFA. 2nd Circ says no time bar. Cites Cote "thorough and carefully considered opinion" - signal of support"
UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT
August Term 2012 (Argued: November 26, 2012 Decided: April 5, 2013) Docket No. 12-3207-cv FEDERAL HOUSING FINANCE AGENCY, AS CONSERVATOR FOR THE FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION, Plaintiff-Appellee, v. UBS AMERICAS INC., UBS REAL ESTATE SECURITIES INC., UBS SECURITIES, LLC, MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC., DAVID MARTIN, PER DYRVIK, HUGH CORCORAN, AND PETER SLAGOWITZ, Defendants-Appellants. Before: CHIN AND LOHIER, Circuit Judges, AND GARDEPHE, District Judge.* Appeal from an interlocutory order of the United States District Court for the Southern District of New York (Denise Cote, J.) denying in part defendants-appellants' motion to dismiss the second amended complaint brought by plaintiff-appellee Federal Housing Finance Agency as conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The district court rejected defendants-appellants' arguments that the action was untimely and that FHFA lacked standing to bring this suit. AFFIRMED.