Jennifer Lee

Jennifer Lee

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

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

New York Supreme Court Dismisses ACE Action Re-Asserting Repurchase Claims against DB Structured Products

On March 29, 2016, Justice Marcy Friedman of the New York Supreme Court rejected the trustee’s attempt to renew previously dismissed claims in ACE Securities v. DB Structured Products, Inc. As we previously reported, the...more

4/15/2016 - Breach of Contract CPLR Dismissals Representations and Warranties Repurchases Structured Financial Products Trustees

National Credit Union Administration Board Accepts UBS Securities LLC Offer of Judgment

On February 25, the National Credit Union Administration Board (“NCUA”) accepted an offer of judgment tendered by UBS Securities LLC (“UBS”) in the amount of $33,014,285 plus prejudgment interest, which will be calculated by...more

3/1/2016 - Financial Markets Material Misstatements NCUA Offer of Judgment RMBS

Morgan Stanley Settles RMBS Litigation with FDIC for $63M

On January 29, Morgan Stanley and the Federal Deposit Insurance Corporation agreed to settle five suits encompassing state and federal claims alleging that Morgan Stanley made misrepresentations in offering residential...more

2/8/2016 - Banking Sector DOJ FDIC Misrepresentation Morgan Stanley RMBS Settlement Agreements

Judge Mostly Denies Deutsche Bank National Trust Co.’s Motion to Dismiss in RMBS Class Action

On February 3, Judge Alison Nathan of the United States District Court for the Southern District of New York largely denied Deutsche Bank National Trust Co.’s (the “Trustee’s”) motion to dismiss in a proposed class action...more

2/8/2016 - Class Action Deutsche Bank Mortgages Motion to Dismiss Popular Repurchases RMBS

New York Appellate Court Affirms Motion to Dismiss RMBS Complaint Against Morgan Stanley

On January 12, 2016, the Appellate Division, First Department, of the New York State Supreme Court affirmed a trial court order granting Morgan Stanley’s motion to dismiss claims brought by Dexia SA’s subsidiary FSA Asset...more

1/15/2016 - Misrepresentation Morgan Stanley RMBS Securities Fraud Transfer of Rights

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

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

Barclays and Wachovia Settle with NCUA

On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union Administration Board (NCUA), as liquidating...more

10/28/2015 - Barclays Capital Markets Consumer Financial Products Credit Unions Financial Institutions Financial Markets Loans NCUA Offering Documents RMBS Wachovia

New York Appellate Court Allows Repurchase Claims Against Nomura To Proceed

On October 13, 2015, the First Department of the Appellate Division of the Supreme Court for the State of New York decided an appeal in four actions brought by HSBC Bank as Trustee on behalf of four RMBS trusts against Nomura...more

10/20/2015 - Appeals Banking Sector Breach of Contract Financial Institutions HSBC Loans NY Supreme Court Repurchases RMBS

Court Denies CIFG’s Attempt to Refile CDO Suit Against J.P. Morgan

On September 23, Justice Marcy S. Friedman of the New York Supreme Court for New York County denied CIFG’s motion to amend its complaint against J.P. Morgan in a case the Court previously dismissed in June. CIFG had...more

10/6/2015 - Bear Sterns Cause of Action Accrual CIFG Assurance North America Collateralized Debt Obligations Credit Default Swaps Financial Institutions Fraud JPMorgan Chase Misrepresentation NY Supreme Court

D.C. Circuit Court “Tunes In” To SEC Administrative Court Debate

On September 29, 2015, the D.C. Circuit, the second federal appellate court to recently weigh in on the ongoing debate over SEC administrative actions, ruled in favor of the SEC in Jarkesy v. SEC, holding that federal courts...more

10/6/2015 - Administrative Proceedings Bebo v SEC Enforcement Actions SCOTUS SEC Subject Matter Jurisdiction

WMC Mortgage and GE Mortgage Holding Settle RMBS Repurchase Case

On September 21, 2015, Judge Denise L. Cote of the United States District Court for the Southern District of New York endorsed Bank of New York Mellon’s (“BNYM”) September 18, 2015 letter reporting that the parties had...more

9/30/2015 - Bank of New York (BNY) Mellon Loans Mortgages Repurchases RMBS

$600 Million RMBS Repurchase Suit Against J.P. Morgan Dismissed

On September 18, 2015, Justice Shirley Kornreich of the Supreme Court of the State of New York dismissed a $600 million suit brought by Bank of New York Mellon, as securitization trustee (“BNYM”), against WLM Mortgage, LLC,...more

9/30/2015 - Bank of New York (BNY) Mellon Breach of Contract Breach of Warranty Financial Institutions JPMorgan Chase Loans Mortgages NY Supreme Court Repurchases RMBS

Claims Dismissed From RMBS Class Action Against Citibank

On September 8, 2015, the Southern District of New York dismissed, for lack of jurisdiction, a large portion of claims from a derivative class action alleging that Citibank NA, as trustee of 27 trusts, had breached its...more

9/15/2015 - Breach of Duty Citibank Class Action Derivative Suit Financial Institutions Financial Markets Jurisdiction Private Right of Action RMBS Trust Indenture Act

Goldman Sachs Wins Summary Judgment In CDO Class Action

On September 8, 2015, the Southern District of New York granted summary judgment in favor of Goldman Sachs Group, Inc. in a class action lawsuit concerning the sale of two collateralized debt obligations. The court had...more

9/15/2015 - Class Action Debt Buyers Financial Institutions Financial Markets Fraud Goldman Sachs RMBS Summary Judgment

Potential Damages in RMBS Suit Against WMC Mortgage Drastically Reduced

On August 18, 2015, Judge Denise Cote of the federal district court for the Southern District of New York addressed the appropriate measure of potential damages in an action by Bank of New York Mellon (BoNY), as RMBS trustee,...more

9/9/2015 - Bank of New York (BNY) Mellon Financial Institutions Financial Markets Loans Mortgages RMBS Trustees

FDIC Sues BNY Mellon For Alleged Failure As Trustee of RMBS

On August 19, 2015, the Federal Deposit Insurance Corp., acting as receiver for Guaranty Bank, filed suit against Bank of New York Mellon Corp. in New York federal court, alleging that BNY breached its duties as trustee of 12...more

8/24/2015 - Bank of New York (BNY) Mellon Breach of Duty Consumer Lenders Countrywide FDIC Financial Institutions Financial Markets Loans Mortgage Lenders Mortgage Servicers Mortgages RMBS Trust Indenture Act Trustees

New York Appellate Court Upholds ACA’s Fraud Suit Against Goldman Sachs

On August 18, 2015, the New York Appellate Division’s First Department held that ACA Financial Guaranty Corp. adequately pled its fraud suit against Goldman Sachs Group Inc. A four-judge panel held that ACA sufficiently...more

8/24/2015 - Collateralized Debt Obligations False Statements Financial Institutions Financial Markets Fraud Goldman Sachs Hedge Funds Motion to Dismiss

Union Pension Fund Requests Approval of Settlement With Goldman Sachs in RMBS Litigation

On August 13, 2015, union pension fund NECA-IBEW Health & Welfare (“NECA”) and the Police and Fire Retirement Systems of the City of Detroit (“PFRS”), acting on behalf of proposed classes of institutional and individual...more

8/24/2015 - Detroit Financial Institutions Financial Markets Goldman Sachs Loans Pensions RMBS Settlement Unions

The Boss Makes HOW much more than me? SEC Issues Final Pay Ratio Rule

On August 5, 2015, the Securities and Exchange Commission approved its final rule subjecting most public companies to the so-called “Pay Ratio Disclosure” mandated by the 2010 Dodd-Frank Wall Street Reform and Consumer...more

8/12/2015 - Compliance Data Privacy Disclosure Requirements Emerging Growth Companies Executive Compensation First Amendment Foreign Workers Pay Ratio Privacy Laws Publicly-Traded Companies Reporting Requirements SEC

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