HSBC can't sue Deutsche Bank unit over mortgage securities deal- court

June 11, 2015 1:17 PM

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June 11 New York's top state court on Thursday declined to revive a lawsuit against a Deutsche Bank unit over the sale of mortgage-backed securities, in a case that could impact billions of dollars of claims stemming from the financial crisis.

The Court of Appeals said New York's six-year statute of limitations on these types of lawsuits should begin to run when investors first purchase mortgage-backed securities and not, as HSBC Bank argued, when issuers refuse to buy back or replace shoddy mortgages.

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