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US appeals court revives FDIC's bank lawsuit over Colonial collapse

Reuters - UK Focus

NEW YORK, May 19 (Reuters) - A divided federal appeals court on Thursday revived an FDIC lawsuit accusing several major banks of helping cause the 2009 failure of Colonial BancGroup Inc by selling or underwriting toxic mortgage-backed securities that the Alabama lender bought.

By a 2-1 vote, the 2nd U.S (Other OTC: UBGXF - news) . Circuit Court of Appeals in New (KOSDAQ: 160550.KQ - news) York said the FDIC did not wait too long by waiting until August 2012, three years after it was appointed Colonial's receiver, to sue Citigroup Inc (NYSE: C - news) , JPMorgan Chase & Co (Xetra: 850628 - news) and several other banks.

The dissenting judge said the three-year clock to sue began when Colonial bought the securities in 2007, and therefore ran out in 2010. (Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)