Law360 reported on a judgment handed down in favor of firm client HSBC Bank USA in a half billion dollar suit brought by the trustee of an RMBS trust. The trustee sought $508 million in damages, alleging that HSBC had breached the parties’ contract by failing to repurchase defective mortgage loans. In December 2017 a New York appellate court reversed the trial court and dismissed the claims against HSBC, ruling that the statute of limitations applicable to the trustee barred the claim. Law360 reported that “the ruling marks the first time a case of its kind has been dismissed on this basis.”
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