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Volume 2014 - Number 20

May 23, 2014

NY State Appeals Court Dismisses Morgan Stanley’s Bid to Shutter Allstate MBS Suit

A New York state appeals court last week shut down Morgan Stanley’s attempt to undo a lower court finding that Allstate Insurance Co.’s lawsuit over $100 million in allegedly overrated MBS had been timely filed. A five-judge panel of the New York Supreme Court Appellate Division, First Department, was not swayed by Morgan Stanley’s argument that the trial judge had erred in holding that Allstate must have had actual notice of its claims of misrepresentation by the investment bank in order for the suit to be time-barred. Allstate sued...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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