Judge: Bank's 'Sue And Be Sued' Clause Allows For Federal Court Removal

BOSTON - The "sue and be sued" clause of a bank's congressional charter allows for the bank's lawsuit against a number of defendants that misrepresented the investment quality of certain mortgage-backed securities they sold to the bank to be removed to federal court, a federal judge in Massachusetts ruled March 9 (Federal Home Loan Bank of Boston v. Ally Financial, Inc., et al., No. 11-10952, D. Mass.; 2012 U.S. Dist. LEXIS 31483). View today's headlines and listen to the latest podcast at www.lexisnexis.com/legalnews Do you have news to share? Interested in writing a commentary article? Email the Mealey News Desk at Mealeys@LexisNexis.com Full story on lexis.com