The onslaught of litigation arising from securitizations of mortgage loans raises a critical question for investors seeking to recover damages from issuers and underwriters of residential mortgage-backed securities (RMBS): What is the deadline to file suit?
In answering this question, it stands to reason that counsel for putative plaintiffs would take the appropriate steps to assure that claims based on alleged violations of the federal securities laws are not time barred. Any analysis in this regard must consider the Southern District of New York’s recent decision in Footbridge Limited Trust v. Countrywide Financial Corp., No. 10-367, 2011 WL 907121 (S.D.N.Y. March 16, 2011), a case in which claims by RMBS investors were barred as untimely.
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