Recent Rulings Reflect Effect of Designating Sole RMBS Judge

Commercial Litigation Insider
March 6, 2014

Martis Alex shares insight on Judge Friedman's recent ruling in the RMBS case against Barclays Bank

Martis Alex, partner at Labaton Sucharow, and lead counsel to HSH Nordbank, told CLI that she was pleased with Friedman's March 3 ruling and believes she wrote a "very deep analysis." But she added that she wasn't surprised that the judge dismissed the argument that the fraud claims are barred under German law's three-year statute of limitations.

"The decision is consistent with other courts that have addressed the statute of limitations," Alex said. "Of course every case is decided on its own but I think the fact that she denied the motion to dismiss based on the German statute of limitations is telling for other cases before her."

Alex, of Labaton Sucharow, observed to CLI that in recent oral arguments before the judge in a separate RMBS action involving HSH Nordbank against Morgan Stanley, the judge seemed to be "very aware" of the other RMBS cases.

"What this means to me is that the court wants to move these cases along, wants us to move us into discovery on the merits, and of course we're pleased about this," Alex said. "She's very well informed about what other judges have done but I think she's doing her own analysis."