A New York state judge hacked apart an “impenetrable” and “ridiculous”  $2.7 billion mortgage-backed securities lawsuit against a half-dozen banking giants, saying it was too convoluted to manage. 

Investment vehicles associated with the collapsed WestLB AG sued JPMorgan Chase (JPM), Credit Suisse AG (CS), Morgan Stanley (MS), Royal Bank of Scotland (RBS), Merrill Lynch and Goldman Sachs (GS), claiming they misrepresented the underwriting standards they used on 272 separate MBS deals.