Big banks have failed to convince courts around the country that various government agencies waited too long to sue over Wall Street’s role in the 2008 financial crisis. This week, a judge finally adopted the banks’ reasoning in a case brought by the Federal Deposit Insurance Corporation.
U.S. District Judge Laura Swain in Manhattan ruled Tuesday that the FDIC missed its deadline to sue several banks that issued or underwrote residential mortgage-backed securities. The ruling dismisses claims that Credit Suisse Securities LLC, Deutschebank Securities Inc., RBS Securities Inc., HSBC Securities Inc. and other defendants contributed to the collapse of Citizens National Bank and Strategic Capital Bank.
