Barclays Capital's summary judgement request denied, in litigation brought against Barclays by TMST trustee Joel I. Sher
Barclays Capital's motion for summary judgement was denied by the US District Court in Maryland, in litigation brought against Barclays by TMST trustee and Shapiro Sher partner, Joel I. Sher. Law360 reported on this latest development in the long-running case.
Judge Ellen Lipton Hollander of the US District Court for the District of Maryland denied Barclays Capital's motion for summary judgement.
This is the latest development in the case, which was originally filed in 2011. At that time, Mr. Sher, as US Trustee for TMST, formerly Thornburg Mortgage, filed five separate complaints in Maryland's bankruptcy court against Goldman Sachs, Barclays Capital, Bank of America, Countrywide Home Loans, Royal Bank of Canada and a group of banks made up of JP Morgan Chase, Citi Group, Credit Suisse, Royal Bank of Scotland, and USB. The suit against the latter group of banks alone seeks approximately $2.2 billion in damages arising from a series of alleged collusive and predatory actions that eventually forced Thornburg into bankruptcy.