$511M RMBS Suit Against Morgan Stanley Largely Survives

Law360, Los Angeles (June 22, 2016, 11:15 PM ET) — A trio of Morgan Stanley units will have to face a slew of claims in a lawsuit over allegedly defective loans underlying more than $511 million in residential mortgage-backed securities after a New York judge upheld the bulk of an investor’s claims.

New York state court Judge Marcy Friedman trimmed away portions of Wilmington Trust Co.’s breach of contract claims related to Morgan Stanley’s alleged failure to to repurchase defective loans and a claim for indemnification of attorneys’ fees against a credit card unit, but kept…

Source: Law360

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