This is a reuters.com article.
Facing a Justice Department suit claiming it misrepresented the quality of loans underlying tens of billions of dollars of mortgage-backed securities sold between 2005 and 2007, Barclays claimed this week that the government’s suit is based on an overly expansive interpretation of a 1989 law intended to protect U.S. banks from self-dealing insiders.
In a March 6 letter to the judge overseeing the Justice Department suit, U.S. District Judge Kiyo Matsumoto of Brooklyn, Barclays’ lawyers from Sullivan & Cromwell and Williams & Connolly suggested the government is twisting the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to take advantage of the law’s 10-year statute of limitations.
PiggyBankBlog Bailiff: “All rise! The honorable Congresswoman Marcy Kaptur has entered the Courtroom of Public Opinion!”