UBS AG and its lawyers at Skadden Arps Slate Meagher & Flom have failed in their attempt to sanction U.S. Bank N.A., one of the many trustees asserting “put back” claims on behalf of investors in mortgage-backed securities.
Upholding a prior ruling by a magistrate judge, Southern District Judge Harold Baer Jr. (See Profile) ruled Friday that U.S. Bank shouldn’t be sanctioned over its document retention policy. Baer rejected arguments that U.S. Bank’s conduct constituted spoliation of evidence. A Quinn Emanuel Urquhart & Sullivan team led by Philippe Selendy is pursuing U.S. Bank’s claims, along with Michael Collyard of Robins Kaplan Miller & Ciresi.
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