ACE Securities Corp. v. DB Structured Products, Inc.

Case Updates

In a unanimous decision, the New York Court of Appeals held that the six-year statue of limitations under New York law has run on breach of contract claims brought by certain certificate holders of residential mortgage backed securities.

In its brief, the U.S. Chamber, joining with the Business Roundtable, argued that the New York Court of Appeals should affirm the Appellate Division’s judgment that the plaintiffs put-back claims in a breach of contract action concerning the quality of loans contained in a residential mortgage-backed security were barred by New York’s six-year statute of limitations.

Brent J. McIntosh and Jeffrey B. Wall of Sullivan & Cromwell LLP served as co-counsel for the amici with the U.S. Chamber Litigation Center.