Sullivan & Cromwell LLP represented Barclays Bank before the New York State Court of Appeals, which affirmed a lower court decision dismissing residential mortgage-backed securities (RMBS) repurchase claims brought by Deutsche Bank against Barclays that related to more than $400 million in alleged losses.
The court held that the claims were time-barred, and were subject to California’s four-year statute of limitations, not New York’s six-year limitations period. The decision upheld a prior ruling by the New York Appellate Division, First Department in favor of Barclays.
This ruling from New York’s highest court set a precedent that could lead to the dismissal of billions of dollars in additional claims in similar cases that have been stayed pending this ruling, and will be relevant to any case brought in New York state courts that involves common law trusts.
The S&C team representing Barclays was led by partner Jeffrey Scott (Picture).
Involved fees earner: Jeffrey Scott – Sullivan & Cromwell;
Law Firms: Sullivan & Cromwell;
Clients: Barclays Bank;