For the second time in four months, a state court judge in Manhattan has allowed a Dutch pension fund to proceed with fraud claims against banks that sold residential mortgage-backed securities ahead of the subprime crisis. But the judge threw the banks a lifeline, ruling that the fund is bound by strict Dutch time limits that could eventually undermine its case against Credit Suisse Group AG and possibly other defendants.
The decision comes in one of five New York state court suits that Grant & Eisenhofer filed in the past 15 months on behalf of Stichting Pensioenfonds ABP, a huge retirement fund in the Netherlands with about $356 billion in assets under management.
