A unanimous First Department panel, applying reasoning from several federal cases, has adopted a pro-investor interpretation of key contract provisions common to a slew of state-law residential mortgage-backed securities cases.
October 21, 2015 at 07:00 AM
1 minute read
A unanimous panel of the Appellate Division, First Department adopted a pro-investor interpretation of key contract provisions common to a slew of state-law residential mortgage-backed securities (RMBS) cases.
Justice John Sweeny, Jr., writing for the court, applied reasoning from several federal cases that considered the scope of remedies available to investors who lost billions in the 2008 recession when mortgage-backed securities plummeted in value.
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