Federal Court Appoints Lead Master To Sift Through UBS Loans for Breaches
September 16, 2016
A federal district court judge in Manhattan has named a lead master to review 9,342 mortgages for material breaches following a put-back trial against UBS Real Estate Securities. The trial in the U.S. District Court for the Southern District of New York will determine whether UBS breached certain representations and warranties and may have to repurchase the defective loans originally pooled in three trusts. U.S. Bank, the trustee for all three pools, is seeking more than $2 billion in damages, court filings show. U.S. Bank sued...