For the second time in a week, a federal appeals court has issued a ruling on the statute of limitations for a Deutsche Bank affiliate that has been a boon to banks. On June 11 Deutsche Bank got a favorable decision from the U.S. Court of Appeals for the Second Circuit limiting the statute of limitations for breach-of-contract claims brought by investors in mortgage-backed securities.
On Thursday the U.S. Court of Appeals for the Eighth Circuit cited the statute of limitations in affirming the dismissal of Thomas v. U.S. Bank. There, a group seeking to represent a class of 1,600 Missouri homeowners claimed that they were charged illegal fees when they took out second mortgages, and sought an estimated $400 million in damages from banks and investment trusts that purchased those mortgages.
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