A profession that’s already the butt of jokes will need to again put the practice of law over the pursuit of lucre.
In January 2011, when U.S. District Judge Harold Baer refused to certify two mortgage-backed securities class actions, the ruling was thought to be a breakthrough for MBS defendants. But no other judges followed Baer’s lead, and even Baer himself subsequently certified an MBS investor class. Now the 2nd Circuit Court of Appeals has affirmed Baer’s original reasoning. Is it too late to make a difference?
OPINION – Members of a limited liability company that in turn has ownership interest in a second limited liability company do not have standing to bring an action seeking the dissolution of the second company, Justice Shirley Werner Kornreich has ruled. (N.Y. Sup. Ct., New York County)
Richard Syron denies misleading investors about Freddie Mac’s exposure to subprime home loans prior to the government’s seizure of the mortgage finance company in 2008.