FHFA’s $32 Billion RMBS Claims Are Not Time-Barred

Orrick - Financial Industry Review

On August 21, 2015, Judge Alvin Thompson of the United States District Court for the District of Connecticut denied Royal Bank of Scotland Group PLC’s (“RBS”) motion for summary judgment as to claims brought by the Federal Housing Finance Agency (“FHFA”) alleging that RBS made misleading statements in connection with $32.1 billion in RMBS that it had sold between 2005 and 2008. The court concluded that FHFA’s claims against RBS are not time-barred because the extender statute in the Housing and Economic Recovery Act of 2008 preempts statutes of repose as well as statutes of limitations, pointing to the statutory language, congressional intent, and recent precedent in support of its holding. Order.

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