Manhattan Supreme Court Justice Sherry Klein Heitler recently ordered that all new residential mortgage-backed securities cases be assigned to a single Commercial Division judge in order to promote "efficiency" and to avoid "inconsistent rulings."
The need for this ruling was illustrated in May when a pair of opposing decisions was handed down from two Commercial Division judges expressing differing opinions on when New York’s six-year statute of limitations is triggered for breach of contract cases involving allegedly misleading offering agreements for the sale of residential mortgage-backed securities.
Robert Scheef served as counsel to a non-profit group, Association of Mortgage Investors, which filed an amicus brief in support of one of the plaintiffs, offered commentary explaining the impact of various outcomes of the ruling.
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