Legal Opinion
CMFG Life Insurance Company v. RBS Securities, Incorporated
Court of Appeals for the Seventh Circuit
Decided August 21, 2015No. 14-2904PublishedCited by 38 opinions
1Opinion of the Court
KENNELLY, District Judge.
Between 2004 and 2007, CUNA Mutual, an insurance company, purchased fifteen residential mortgage-backed securities from RBS Securities, Inc. Then the housing market crashed, and the securities with it. CUNA now wants out of the deals. CUNA alleges that RBS induced it to purchase the securities by materially misrepresenting that the underlying mortgages complied with underwriting guidelines. The district court granted summary judgment on all but one of CUNA’s rescission claims, and CUNA appealed. We reverse in part and affirm in part.
I. Background
The plaintiffs in this…
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