High Court Won’t Hear Banks’ Appeal Of 5th Circuit Securities Fraud Suit Ruling

Mealey's (March 29, 2016, 1:36 PM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court on March 28 declined review of a Fifth Circuit U.S. Court of Appeals ruling overturning a lower court’s decision that claims in a securities fraud lawsuit were not timely under the Texas Securities Act’s (TSA) five-year statute of repose when they were brought (RBS Securities Inc., et al. v. Federal Deposit Insurance Corp., No. 15-783, U.S. Sup.).

The Federal Deposit Insurance Corp., as receiver for Guaranty Bank, sued RBS Securities Inc., Goldman, Sachs & Co. and Deutsche Bank, which...
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