Court Grants In Part RBS Motion For Summary Judgment In Repurchase Action

On July 23, Judge William Conley of the Western District of Wisconsin granted in part and denied in part RBS Securities Inc.'s motion for summary judgment in a suit brought by CUNA Mutual Group seeking to rescind the purchase of fifteen RMBS certificates. Judge Conley granted RBS's motion for summary judgment as to nine of the fifteen RMBS certificates on the ground that CUNA Mutual's claims were time-barred by Wisconsin's six-year statute of limitations. He also granted summary judgment to RBS in connection with CUNA Mutual's allegations of misrepresentations concerning compliance with underwriting guidelines, finding that CUNA Mutual presented insufficient evidence to allow a trier of fact to conclude that it actually relied on any of those representations. Judge Conley similarly granted summary judgment to RBS in connection with CUNA Mutual's allegations of misrepresentations concerning owner occupancy status, finding that CUNA Mutual had not submitted adequate