The Commercial Division justice assigned to hear residential mortgage-backed securities cases issued companion rulings March 29 that limited the use of the CPLR’s “savings provision” by the plaintiffs’ bar to revive cases dismissed on statute of limitations grounds.
But in both rulings, Justice Marcy Friedman rejected the defendant’s claims that the recent Court of Appeals decision in ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2 v. DB Structured Prods., Inc., 25 NY3d 581 (2015), known as “ACE,” foreclosed use of the savings provision, which allows plaintiffs to cure procedural defects and re-file.
