Lawyers at Bernstein Litowitz Berger & Grossmann cleared a key hurdle Monday in a major litigation campaign against banks that served as trustees for more than $2 trillion in residential mortgage-backed securities. U.S. District Judge Shira Scheindlin in Manhattan largely refused to dismiss institutional investors’ claims against HSBC Bank USA, which acted as trustee for securities that suffered tens of billions of dollars in losses when the subprime bubble burst.
The decision comes in one of six lawsuits that Bernstein Litowitz brought in June 2014, representing large institutional investors including BlackRock Inc. and Pacific Investment Management Co. The suits target HSBC and other banks that served as trustees for allegedly shoddy residential mortgage-backed securities (RMBS) marketed between 2004 and 2008. HSBC is represented by Williams & Connolly and Mayer Brown.
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