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2013-04-04 — cnbc.com
FSA Asset Management and subsidiaries of the French bank Dexia SA sought damages of $774 million for fraud in 65 mortgage-backed securities sold by Bear Stearns, JPMorgan or Washington Mutual, according to court documents.
Judge Jed Rakoff, of the Southern District of New York, threw out all Dexia's claims.
Rakoff's decision was based on an arcane point of law that says fraud claims don't transfer to secondary buyers unless they are specifically assigned.
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