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German bank files $160 million MBS suit too late

watch and money

According to Law360, Germany's fourth-largest bank, DZ Bank, was a little too late under that country's statute of limitations to sue UBS AG (UBS) over $160 million worth of mortgage-backed securities it bought.

Mary Kay Vyskocil of Simpson Thacher & Bartlett LLP, who represents UBS, told Judge Marcy Friedman that under New York's borrowing statute, the statute of limitations where the party's economic injury is felt determines which jurisdiction's statute of limitations applies to the case.

Source: Law360
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