UBS, BofA Unit Freed From Insurers’ RMBS Suits

Case Title

CMFG Life Insurance Company v. UBS Securities, LLC

Case Number

3:13-cv-00576

Court

Wisconsin Western

Nature of Suit

Contract: Other

Judge

William M. Conley

Law360, Los Angeles (July 02, 2014, 4:23 PM ET) — A Wisconsin federal judge on Wednesday freed UBS Securities LLC and Banc of America Securities LLC from suits brought by CUNA Mutual Group affiliates seeking to undo their purchases in stakes worth millions in mortgage-backed securities offerings they claim they were tricked into buying, ruling that the insurers’ claims are time-barred.

U.S. District Judge William M. Conley granted UBS’ and the now-defunct Banc’s motions to dismiss, agreeing that the claims brought by the CUNA Mutual affiliates are barred under Wisconsin’s six-year statute of limitations for contract…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s