UBS Real Estate Securities Secures Dismissal

Skadden scored a victory for UBS Real Estate Securities Inc. (UBS RESI) in a breach-of-contract dispute brought by the Federal Housing Finance Agency (FHFA) alleging that UBS RESI breached certain representations and warranties in connection with mortgage loans backing a residential mortgage-backed securitization transaction. On June 12, 2013, Justice Jeffrey K. Oing of the Supreme Court of the State of New York dismissed the complaint from the bench, holding that the FHFA was barred from suing UBS RESI by the operative contract and under controlling New York authority.