Darren Teshima

Darren Teshima

Orrick, Herrington & Sutcliffe LLP

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New York Court Orders BlackRock to Seek Discovery from Former Certificateholders and Produce That Information in Suit Against RMBS...

On June 3, 2016, Judge Sarah Netburn of the U.S. District Court for the Southern District of New York ordered BlackRock, an RMBS certificateholder that has sued the RMBS trustee, HSBC, to identify and serve document subpoenas...more

6/15/2016 - BlackRock Discovery HSBC RMBS Trustees

Summary Judgment Denied in Monoline Insurer Lawsuit Against J.P. Morgan

On June 6, 2016, Justice Alan D. Scheinkman of the New York Supreme Court for Westchester County denied J.P. Morgan’s motion for summary judgment on MBIA’s fraudulent concealment claim. The court had previously granted...more

6/14/2016 - Due Diligence Fraudulent Concealment JPMorgan Chase MBIA Insurance Summary Judgment

FDIC Settles RMBS Litigation for $190 Million with U.S. Financial Institutions

On May 26, 2016, the FDIC reached a $190 million settlement of RMBS claims against eight financial institutions, including Barclays Capital Inc.; Deutsche Bank Securities Inc.; Goldman, Sachs & Co; RBS Securities Inc.; and...more

6/7/2016 - FDIC Financial Institutions Financial Sector RMBS

Federal District Court Finds No Cyber Insurance Coverage For Costly Credit Card Fraud Assessments

In one of the first court decisions to analyze in depth the coverage provided by a cyber policy, a federal judge has found that PF Chang’s policy came up short. Following a 2014 data breach in which hackers accessed and...more

6/7/2016 - Cyber Attacks Cyber Crimes Cyber Insurance Cybersecurity Data Breach Hackers Insurance Industry MasterCard PF Chang's

Justice Friedman of the New York Supreme Court Dismisses Two FHFA Repurchase Actions

On April 12, 2016, Justice Marcy Friedman of the New York Supreme Court granted motions to dismiss in two RMBS breach of contract actions filed by FHFA against Morgan Stanley ABS Capital I Inc. (“MSAC”) and Morgan Stanley...more

5/4/2016 - Breach of Contract FHFA Morgan Stanley Motion to Dismiss NY Supreme Court RMBS Stock Repurchases

Second Circuit Reverses and Remands Trial Court’s Summary Judgment Order in Favor of Morgan Stanley in a CMBS Case

On April 27, 2016, the Second Circuit Court of Appeals vacated and remanded the district court’s summary judgment order entered in favor of defendant Morgan Stanley Mortgage Capital, Inc. in the Southern District of New York....more

5/4/2016 - Bank of New York (BNY) Mellon CMBS Morgan Stanley Mortgages Remand Summary Judgment Vacated

Fourth Circuit Finds Potential Coverage For Data Leak As Publication Under CGL Policy

This week, a Fourth Circuit panel in an unpublished decision validated arguments long made by policyholders: that commercial general liability policies may provide coverage for certain data breach liabilities. In this case,...more

4/14/2016 - Class Action Commercial General Liability Policies Data Breach Duty to Defend Electronic Medical Records Insurance Industry Personally Identifiable Information PHI Travelers

RMBS Claims Against Bank of New York Mellon Remain in Federal Court

On December 18, Judge William Pauley III of the U.S. District Court for the Southern District of New York denied Bank of New York Mellon’s motion to dismiss RMBS claims regarding fourteen trusts and one indenture trust for...more

1/12/2016 - Bank of New York (BNY) Mellon Motion to Dismiss RMBS Subject Matter Jurisdiction Trust Indenture Act

Commerzbank AG Sues Four RMBS Trustees Alleging Violations of Duties to Investors

On December 23 and 24, Commerzbank AG filed four actions in the Southern District of New York against Deutsche Bank National Trust Company, HSBC Bank USA, N.A., Wells Fargo Bank, N.A., and the Bank of New York Mellon in their...more

1/12/2016 - Bank of New York (BNY) Mellon Breach of Duty Commerzbank Deutsche Bank HSBC RMBS Trust Indenture Act Wells Fargo

New York Appellate Court Allows Repurchase Action Against J.P. Morgan To Proceed

On December 1, 2015, the First Department of the Appellate Division of the Supreme Court for the State of New York affirmed the denial of a motion to dismiss an action brought by Bank of New York Mellon Corporation against...more

12/16/2015 - Bank of New York (BNY) Mellon JPMorgan Chase Loans NY Supreme Court Repurchases

Investors File Putative Class Action Against Citibank for Allegedly Failing to Comply with RMBS Trustee Duties

On November 24, 2015, a group of investors, led by Pacific Investment Management Co. (“PIMCO”), filed suit in the Supreme Court of the State of New York against Citibank, N.A., as trustee of 25 private-label RMBS Trusts. This...more

12/16/2015 - Breach of Duty Citibank Fiduciary Duty NY Supreme Court RMBS

Policyholder Insider Quarterly

October ordinarily brings the return of crisp air, fall foliage and Halloween. This year, for the first time, it also brought National Cybersecurity Awareness Month. Yet designating a month to increase cybersecurity awareness...more

12/11/2015 - Cyber Insurance Cybersecurity Data Breach Employer Liability Issues FCPA Insurance Industry Safe Harbors Schrems v Data Protection Commissioner TCPA World Bank

U.S. Supreme Court Denies S&P Investors’ Petition for Certiorari

On November 2, 2015, the United States Supreme Court denied investors’ petition for review of a Second Circuit decision affirming the dismissal of their class action against Standard & Poor’s Rating Services’ parent,...more

11/11/2015 - Credit Ratings False Statements Mortgage-Backed Securities S&P Securities Fraud

Goldman Sachs Settles CDO Class Action

On November 3, 2015, Goldman Sachs Group Inc. agreed to settle a lawsuit brought by a class of investors over Goldman’s sale of two collateralized debt obligations. The settlement agreement comes on the heels of a September...more

11/11/2015 - Collateralized Debt Obligations Financial Markets Goldman Sachs Investment Settlement Agreements

Policyholder Insider Quarterly

Some Words Are More Equal Than Others: BancInsure vs. FDIC - In George Orwell's "Animal Farm", the governing principle that "all animals are equal" was revised by the pigs, who had ascended into power, to "all animals...more

10/22/2015 - Agricultural Land Business E-Mail Compromise (BEC) CA Supreme Court Commercial Insurance Policies Cyber Attacks Cyber Crimes Cyber Insurance Farms FBI FDIC Fire Insurance Hartford Casualty Ins. Indemnification Clauses Insolvency Insurance Industry Mandatory Arbitration Clauses UK Wildfires Wire Transfers

Policyholder Insider Quarterly

Five Lessons Health Care Companies Should Learn From Cyberattacks - The American health care industry is under attack by sophisticated hackers seeking access to electronic medical records. Since January, three health...more

7/22/2015 - Anthem Blue Cross Banking Sector Banks BP CERCLA Commercial General Liability Policies Cyber Attacks Cyber Crimes Cyber Insurance Cybersecurity D&O Insurance Data Breach Data Security Deepwater Horizon Duty to Defend E&O Policies Electronic Medical Records EPA Financial Institutions Hackers Healthcare HHS Insurance Industry OFAC Offshore Drilling Sanctions TX Supreme Court

Policyholder Insider Quarterly

Makers and Users of Smart Devices Beware: You May Have a Critical and Costly Gap in Your Insurance Coverage - The drumbeat of high-profile data breaches has led to rapid growth in the number of companies purchasing or...more

4/24/2015 - Asbestos Litigation BP Commercial General Liability Policies Cyber Insurance Driverless Cars Insurable Interests Insurance Industry Life Settlements Litigation Fees & Costs Pollution Liability Insurance Secondary Markets Smartphones Third-Party Liability Transocean Uninsured and Under-Insured Motorists

Phoenix Light Sues Five RMBS Trustees Over $2.4 Billion in RMBS

On December 23 and 24, Phoenix Light SF Limited and other RMBS certificateholders filed suit against HSBC, Wells Fargo, Deutsche Bank, Bank of New York Mellon, U.S. Bank, and Bank of America in the United States District...more

1/14/2015 - Bank of America Bank of New York (BNY) Mellon Banks Business Litigation Deutsche Bank HSBC RMBS Trust Indenture Act US Bank Wells Fargo

U.S. Bank Sues Citigroup in Connection with $528 Million of RMBS

On December 22 and 23, U.S. Bank National Association, as trustee for three RMBS trusts, filed three separate summonses with notice in the Supreme Court of the State of New York. U.S. Bank alleges that Citigroup...more

1/13/2015 - Banks Breach of Duty Business Litigation Citigroup Mortgage Servicers Mortgages Representations and Warranties RMBS Trustees US Bank

Second Circuit Holds that Trust Indenture Act Does Not Apply and Dismisses RMBS Investor Claims Against BNY Mellon

On December 23, the United States Court of Appeals for the Second Circuit dismissed claims against Bank of New York Mellon, as trustee, by four pension funds in a putative class action relating to 530 Countrywide RMBS trusts...more

1/13/2015 - Appeals Bank of New York (BNY) Mellon Countrywide Pension Funds Putative Class Actions RMBS Trust Indenture Act

Policy Observer - December 2014

Giving and Receiving: Insuring Company-Sponsored Volunteerism: This is the time of year when we are reminded of the importance of giving. Many companies not only donate generously to nonprofits and community programs,...more

12/17/2014 - Attorney's Fees Banks D&O Insurance Employer Liability Issues Environmental Liability Environmental Policies Holidays Liability Insurance Volunteers

New York Extends Common Interest Privilege Protection to Non-Litigation Communications

Ordinarily, when a communication between an attorney and her client is disclosed to a third party, that communication loses its privileged status. The common interest privilege operates as an exception to that rule that...more

12/10/2014 - Attorney-Client Privilege Bank of America Common-Interest Privilege Confidential Communications Countrywide Disclosure Mergers Third-Party

Policyholder Observer

Encryption Flaw "Heartbleed" Creates Data Risk: How Insurance Can Stanch the Bleeding - In early April, news broke of an encryption flaw named “Heartbleed” that exposed companies to data breaches for over two and one...more

7/1/2014 - Asbestos Asbestos Litigation Commercial General Liability Policies Cyber Insurance Cybersecurity D&O Insurance Duty to Defend Excess Policies Exclusions False Advertising Heartbleed Insurance Industry Investment Adviser Investment Management Notice Requirements Policy Exclusions Property Insurance Startups

Policy Observer - July 2013

Getting Over the Bar: Second Circuit Requires Actual Payment of Underlying Limits In Order to Trigger Excess D&O Policies - In June, the Second Circuit held that two Federal Insurance Company ("FIC") excess D&O...more

8/1/2013 - Bad Faith Catholic Church Construction Defects Contract Interpretation D&O Insurance Disgorgement Document Productions Duty to Defend Excess Policies Extrinsic Evidence Hurricane Sandy Indemnification Insurance Industry Liquidation Occurrence Policy Limits SEC Settlement Sexual Abuse Subrogation

Looking Past The Labels: Bank’s Disgorgement Payment To SEC Not Necessarily Excluded From D&O Coverage

In 2006, Bear Stearns agreed to a $250 million “neither admit nor deny” settlement with the SEC to settle charges that it facilitated late trading and deceptive market timing by its hedge fund customers....more

7/29/2013 - Bear Sterns D&O Insurance Disgorgement Hedge Funds Neither Admit Nor Deny Settlements SEC

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