CMFG Life Insurance v. UBS Securities

OPINION & ORDER

WILLIAM M. CONLEY, District Judge.

This civil action is one of a number of similar, relatively recent suits filed by plaintiffs (collectively, “CUNA Mutual”) to rescind their purchase of various residential mortgage-backed securities (“RMBS”), all of which performed dismally and lost much of their value during the collapse of the real estate market. CUNA Mutual does not seek relief under the civil liability provisions of the Securities Act of 1933, 15 U.S.C. § 77a et seq., or under the fraud provisions of the Wisconsin Uniform Securities Law, Wis. Stat. § 551.501 — likely…