On September 29, 2011, Judge Cavanaugh of the New Jersey federal district court dismissed a class action securities suit brought against UBS by RMBS investors. Judge Cavanaugh granted the motion to dismiss on statute of limitations grounds, finding that the lead plaintiff, Pension Trust Fund for Operating Engineers, did not adequately plead compliance with the statute of limitations by simply stating the complaint was timely. However, Judge Cavanaugh granted plaintiffs leave to amend. Plaintiffs allege claims under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. Decision.