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Judge revives multi-billion dollar MBS dispute against banks

Judge revives multi-billion dollar MBS dispute against banks

The Second Circuit Court of Appeals overturned a lower court’s dismissal of a major residential mortgage-backed securities lawsuit filed against U.S. investment banks.

The court’s ruling revived claims from an investor group that alleged several securities law violations stemming from the defendants’ packaging and sale of mortgage securities supported by risky loans.

The defendants include Novastar MortgageRoyal Bank of Scotland Group  ($9.49 -0.37%)Wachovia Capital — now Wells Fargo ($35.39 0.31%) — Greenwich Capital Markets and Deutsche Bank Securities ($48.78 -0.0022%).

– See more at: http://www.housingwire.com/news/2013/03/01/judge-revives-multi-billion-dollar-mbs-dispute-against-banks#sthash.GRGsPozO.dpuf

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