Southern District Judge Jed Rakoff has become the latest judge to deliver a ruling favorable to bond insurers on a crucial issue in a crush of mortgage repurchase suits against banks that issued toxic mortgage-backed securities.
September 28, 2012 at 12:00 AM
1 minute read
Southern District Judge Jed Rakoff (See Profile) has become the latest judge to deliver a ruling favorable to bond insurers on a crucial issue in a crush of mortgage repurchase suits against banks that issued toxic mortgage-backed securities.
The ruling came in a case Assured Guaranty Ltd. and its lawyers at Susman Godfrey brought against Flagstar Bank over $1 billion in mortgage-backed securities that Assured insured and that dropped in value in the subprime meltdown.
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