The U.S. Court of Appeals for the Second Circuit refused on Wednesday to revive claims that the Royal Bank of Scotland Group plc misled investors about its subprime exposure. The ruling is a win for RBS’s lawyers at Wilmer Cutler Pickering Hale and Dorr, and for a team at Cleary Gottlieb Steen & Hamilton representing Morgan Stanley & Co., UBS AG, and other underwriters for five mortgage-backed securitization deals.
Seth Waxman, a partner with Wilmer argued for the bank, which is also represented by partners Andrea Robinson and David Lesser. Lewis Liman, a partner at Cleary argued for the underwriter-defendants. Jonathan Levine of Girard Gibbs argued on behalf of the plaintiffs.
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