The U.S. Court of Appeals for the Second Circuit made it clear on April 30 that issuers and underwriters of mortgage-based securities can successfully oppose class certification by arguing that some investors knew what they were getting into when they purchased their securities, and that the question of investor knowledge is therefore too individualized for class treatment.
That is a key ruling for the broader mortgage-based securities (MBS) litigation, since so many class action plaintiffs are big pension funds that touted their own mastery of the MBS market before the crash.
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