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NY AG Eric Schneiderman has made "tolling agreements" with 12 financial institutions that will...

NY AG Eric Schneiderman has made "tolling agreements" with 12 financial institutions that will stop the clock on the six-year statute of limitations and allow authorities to bring civil fraud claims against the firms for any wrongdoing related to mortgage bonds from as far back as 2006, Bloomberg reports. The speculation follows Schneiderman this week suing JPMorgan (JPM) over its mortgage securities.
Comments (2)
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    There are statutes of limitations for a reason. It's unfair to hold the sword of Damocles over businesses and individuals indefinitely, preventing them from defending themselves or adjusting their finances accordingly. Witnesses die, documents are shredded, people move out of the jurisdiction.

     

    If there are valid cases, bring them forward. If there are 2006 cases, they should already have been adjudicated.

     

    I know the wheels of justice grind slowly, but lately it seems the wheels don't grind at all.
    5 Oct 2012, 07:26 AM Reply Like
  • TwistTie
    , contributor
    Comments (2477) | Send Message
     
    It is important that these types of cases be adjudicated.

     

    It will help restore confidence and investments in the MBS market.

     

    That will be a good thing.
    5 Oct 2012, 12:19 PM Reply Like
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