The first of 16 lawsuits filed by the Federal Housing Finance Agency (FHFA) against banks over their problematic mortgage-backed securities (MBS) will be tried in September 2013 in New York.
According to a Bloomberg News report, U.S. District Judge Denise Cote devised a schedule for the trials. The Swiss bank UBS AG will be the first to go to trial, with the remaining 15 cases to be scheduled in 2014. All of the cases will be tried in federal court in New York.
Among the other banks being sued by the FHFA are Bank of America Corp., Citigroup, Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & CO.