The Federal Housing Finance Agency and its lawyers at Quinn Emanuel Urquhart & Sullivan crossed a major hurdle on May 4 in their pursuit of claims against issuers of residential mortgage-backed securities. Southern District Judge Denise Cote (See Profile) denied a motion to dismiss claims against UBS filed by the bank’s lawyers at Skadden, Arps, Slate, Meagher & Flom.
The ruling is a big victory for Quinn and the FHFA, the conservator of Freddie Mac and Fannie Mae. The findings directly affect all 15 FHFA cases before Cote, who had stayed discovery in those cases pending her ruling on UBS’s motion. The FHFA originally filed suits last September against a who’s who of the financial industry, including JPMorgan Chase, Goldman Sachs, Credit Suisse, and Bank of America’s Countrywide unit. Quinn’s Philippe Selendy and Skadden’s Jay Kasner were appointed liaison counsel in the consolidated cases before Cote in December.
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