barclays 01COLUMN-Barclays previews defense in billion-dollar DOJ securities case: Frankel


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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.

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