On July 27, 2016, Justice Marcy Friedman of the New York Supreme Court for New York County, in accordance with other recent decisions (covered here and here) dismissed an action against UBS Real Estate Securities, Inc. The case was initially brought by Federal Housing Finance Agency (“FHFA”), as conservator of an RMBS certificateholder. It was then pursued by the trustee after the limitations period expired. Because FHFA lacked standing to bring claims for breaches of loan-level representations and warranties, the Court held that the trustee’s claims do not “relate back” to the date of FHFA’s initial filing for statute of limitations purposes. The court will permit briefing on the viability of claims for failure to notify the trustee of alleged breaches of representations and warranties. Decision.