Judge Rakoff certifies MBS investor class in $16 bn Merrill case

There’s been a major development in the litigation between investors in mortgage-backed securities and MBS issuers. On Wednesday, Manhattan federal district court judge Jed Rakoff certified a class of purchasers of $16.5 billion in Merrill Lynch mortgage-backed certificates. Rakoff’s order, which is to be followed by an opinion explaining his reasoning, marks the first certification of a class of MBS purchasers.

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