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Speaker 1: Well, I was time for our daily Bloomberg Labreef exploring

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Speaker 1: legal issues in the news. Today, Bloomberg lahosttun Grasso and

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Speaker 1: Michael Bess speak with the Bloomberg Supreme Court reporter Greg

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Speaker 1: Sture about the latest news out of the High Court. Greg,

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Speaker 1: let's discuss some of the more prominent denials, one involving

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Speaker 1: banks and banks from credit suites, Deutsche Bank and Wells Fargo.

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Speaker 1: Tell us about that. Yes, one of the big cases

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Speaker 1: they decided not here was an appealed by a group

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Speaker 1: of banks, and the issue there is that b f

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Speaker 1: d i C had sued them in its capacity as

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Speaker 1: the receiver of a failed Alabama bank, and it was

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Speaker 1: claiming that they had issued or underwritten mortgage back mortgage

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Speaker 1: backed securities um UH turn out to be not not

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Speaker 1: worth what what the people have thought. So the issue

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Speaker 1: was whether there's there's a statute of limitations to a

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Speaker 1: statue of repose actually UH in federal law. And the

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Speaker 1: question was whether when when Congress bailed out the SML

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Speaker 1: industry back in the late nineties of their Congress over

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Speaker 1: overroad that and gave the fdi C more time to sue.

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Speaker 1: The lower courts said yes, more time to sue. Supreme

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Speaker 1: Court refused to consider that ruling in the bank say, Uh,

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Speaker 1: this is an issue that affects about a dozen pending

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Speaker 1: lawsuits and potentially more than thirty billion dollars in similar claims.

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Speaker 1: So it is a very significant denial of this this petition, Greg.

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Speaker 1: There is also a case where the Supreme Court said

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Speaker 1: it won't revive a sex trafficking suit against back Page.

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Speaker 1: Tell us about that. Yeah, So back Pages this this

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Speaker 1: service that's similar to Craig's List, except that it's best

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Speaker 1: known for sex ads, and the CEO has even faced

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Speaker 1: criminal charges which have since been thrown out out in California.

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Speaker 1: So back Page was being sued by three women who

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Speaker 1: say they were victims of sex trafficking that when they

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Speaker 1: were minors. They blame Backpage for setting up this site

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Speaker 1: that is designed to facilitate sex trafficking. The lower court

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Speaker 1: of Federal Appeals Court said there's a law called the

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Speaker 1: Communications Decency Act that gives uh, Internet service providers broad

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Speaker 1: immunity from this type of of lawsuit. Um, if all

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Speaker 1: they're really doing is being passive, entities and third parties

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Speaker 1: are the ones that are doing the allegedly illegal conduct,

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Speaker 1: and the First Circuit said, this is actually a very

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Speaker 1: broad law. It protects Backpage in this situation, and that

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Speaker 1: it's not enough if back Page allegedly tailored its business

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Speaker 1: model to make sex trafficking easier. Even if it did that,

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Speaker 1: it can't be sued. And as Bloomberg Supreme Courter for

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Speaker 1: Greg's store. Speaking of the Bloomberg Law host joom Grasso

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Speaker 1: and Michael Best, you can listen to Bloomberg Law Wheak

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Speaker 1: days at one pm Wall Street Time here on Bloomberg

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Speaker 1: Radio Now. Among the top legal stories from Bloomberg Law,

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Speaker 1: the fd i C is suing Bank of America for

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Speaker 1: at least five two million dollars. The regulator claims that

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Speaker 1: b of A is refusing to pay deposit insurance for

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Speaker 1: its exposure to counterparties. The bank disagrees, saying it has

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Speaker 1: complied with f d i C rules. The calls to

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Speaker 1: dispute a technical agreement. And that's this morning's Bloomberg Law Brief.

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Speaker 1: You can find more legal news at Bloomberg Law dot

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Speaker 1: com and Bloomberg Enna dot Com. Attorneys will find exceptional

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Speaker 1: legal research and business development tools there as well. Visit

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Speaker 1: Bloomberg Law dot com and Bloomberg BNA dot com for

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Speaker 1: more information,