Midway through oral arguments this spring in ACE Securities v. DB Structured Products, David Woll of Simpson Thacher & Bartlett gave the New York Court of Appeals a glimpse of the nightmare scenario the case presented for banks that issued or sponsored mortgage-backed securities in the run-up to the 2008 financial crisis.
His adversary, Bancroft’s Paul Clement, had just pressed the court for an expansive view of the six-year statute of limitations governing breach-of-contract claims brought by MBS trustees and investors in New York. According to Clement, the statute shouldn’t kick in until banks rebuff a demand to buy back (or “put back”) allegedly faulty loans backing the securities they sponsored or sold.
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