Test Case UBS Appeals Dismissal Denial of GSE Suit
June 29, 2012
A federal judge earlier this month had ruled that the Federal Housing Finance Agencys case against UBS Americas will serve as the test case in a series of lawsuits that FHFA has filed concerning failed residential mortgage-backed securities. However, in another ruling a week later, Judge Denise Cote of the U.S. District Court for the Southern District of New York granted a motion by UBS to appeal her May 4 denial of the banks motion to dismiss on statute of limitation grounds. Judge Cotes June 13 decision denied UBS request that it should not be the first of 17 cases to proceed because it was not a loan originator and it was not accused of fraud.