In an opinion today, Judge Forrest dismissed as untimely claims by a Korean bank, Woori bank, against Citi arising from Woori’s investment in Citi-sponsored CDOs. Woori argued that it did not have the facts for its claims until the Financial Crisis Inquiry Commission Report in 2011, but Judge Forrest — echoing a similar decision by Judge Marrero in a similar suit Woori filed against Merrill Lynch (see our post here) — ruled that the underlying facts were known well before then. Woori alleged one category of facts, relating to the “Class V CDO,” that were not in the Commission report and not at issue in the prior ruling from Judge Marrero, but Judge Forrest ruled that those allegations could not revive an otherwise expired claim:
Continue Reading In CDO Case, Judge Forrest Rules That New, Helpful Facts Cannot Revive Expired Claims
12 Civ. 03993
Judge Marrero Dismisses CDO Case as Time-Barred, Concludes that Facts Were Available Long Before Government’s FCIC Report
By Charles Michael on
In a decision yesterday, Judge Marrero concluded that claims by Korea’s Woori Bank against Merrill Lynch over a failed CDO investment were time-barred. Judge Marrero rejected Woori’s argument that it lacked sufficient information to bring suit before the publication of a report from the Financial Crisis Inquiry Commission (“FCIC”):…
Continue Reading Judge Marrero Dismisses CDO Case as Time-Barred, Concludes that Facts Were Available Long Before Government’s FCIC Report