Skadden secured three recent victories in cases involving mortgage-backed securities. On August 14, 2012, we obtained an interlocutory appeal to the U.S. Court of Appeals for the Second Circuit for UBS in a suit brought against it (and 16 other banks) by the Federal Housing Finance Agency seeking to recover billions of dollars in alleged losses by Fannie Mae and Freddie Mac from investments in mortgage-backed securities. One day later, in the U.S. District Court for the Southern District of New York, we secured the dismissal of several claims brought against UBS Real Estate Securities by monoline insurer Assured Guaranty Municipal Corp., which alleged that UBS breached several representations and warranties concerning the mortgage loans backing mortgage-backed securities for which Assured offered insurance. In addition, on August 10, 2012, we secured a dismissal with prejudice in the U.S. District Court for the Southern District of New York for the underwriting syndicate of billions of dollars of Deutsche Bank securities in a federal class action alleging that Deutsche Bank failed to adequately disclose its exposure to subprime and other residential mortgage-backed securities.
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