Sometimes a court ruling is almost as noteworthy for its dicta as for its holding. That’s the case for a ruling Aug. 15 in which Southern District Judge Harold Baer Jr. (See Profile) took a jab at the “immorality” of our “win at any price society.”
This striking condemnation came in a 10-page decision in one of the many cases stemming from the collapse of the mortgage-backed securities market. The case was brought by Assured Guaranty Municipal Corp., which had sued UBS Real Estate Securities Inc. for allegedly breaching contracts governing three residential mortgage-backed certificates that Assured insured.
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