Law360, New York (August 1, 2016, 7:39 PM EDT) -- A UBS AG affiliate beat a suit claiming it hid the low quality of $1.1 billion in residential loans behind mortgage-backed securities when a New York judge said last week that the suit had been filed too late.Pointing to other recent rulings in mortgage-backed securities cases, Judge Marcy Friedman said on Wednesday that U.S. Bank NA, the trustee for the pool, had not filed the case against UBS Real Estate Securities Inc. before the statute of limitations ran out. The Federal Housing Finance Agency, which first filed the suit in 2012, did not have standing to file the suit, the... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
A UBS affiliate has beaten a lawsuit, that had alleged that it hid the quality of $$1.1 billion in residential loans behind mortgage-backed securities; a judge ruled that the suit had been fired too late. The case had been made against UBS Real Estate Securities.