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The Supreme Court has denied an appealby multi-national banks including Wells Fargo, Credit Suisse, and Deutsche Bank to halt several financial crisis-era lawsuits that could result in tens of billions of dollars in legal costs. The banks were hoping that time would be on their side----ie that the FDIC's 2012 lawsuit against the banks who underwrote $300m in mortgage-backed securities bought by Colonial Bank in 2007 was filed outside of a three year statute of limitation.
“What’s happened when these cases have gone forward with a motivated party is that there’s been a pattern of very substantial settlements, and the few cases that have gone to trial have been successful for the plaintiff,” he said. “The banks are now going to have to face up to the reality of a significant liability.”
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