New York Put-Back Litigation is a form of litigation involving claims made by investors against financial institutions that sold them faulty mortgage-backed securities (MBS). The claims allege that the MBS were sold in violation of representations made by the financial institutions, including misstatements and omissions concerning the underlying assets of the MBS. Investors are seeking to “put back” the faulty MBS, meaning they are demanding that the financial institutions repurchase them at face value. The two primary types of New York Put-Back Litigation are direct and representative claims. Direct claims involve investors suing the financial institutions that sold them the MBS directly. Representative claims involve investors joining together to sue the financial institutions on behalf of a larger group of investors. The representative action is often referred to as a “class action”.