Citing the Second Circuit’s recent decision in NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co., 693 F.3d 145 (2d Cir. 2012), Judge Baer yesterday granted plaintiffs’ motion for reconsideration in two cases based on allegedly fraudulent statements in connection with the sale of mortgage backed securities. The order reinstated claims he had previously dismissed because they related to securities that the named plaintiffs had not actually purchased. In the prior orders, Judge Baer had granted the motion of Royal Bank of Scotland, Citigroup, UBS and others on Article III standing grounds. Judge Baer explained the reason for his decision to grant the motion for reconsideration:
Continue Reading Judge Baer Reinstates MBS Claims After Second Ciruit’s NECA Decision