Katie Lieberg Stowe

Katie Lieberg Stowe

Orrick, Herrington & Sutcliffe LLP

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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 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 Mellon Breach of Contract Breach of Warranty Financial Sector JPMorgan Chase Loans Mortgages NY Supreme Court Repurchases RMBS

In re Riverbed: The Beginning of the End for Disclosure-Only Settlements in M&A Cases?

The past decade has seen an incredible rise in M&A litigation. According to Cornerstone, in 2014, a whopping 93% of announced mergers valued over $100 million were subject to litigation, up from 44% in 2007. As Delaware...more

9/29/2015 - Acquisition Agreements Breach of Duty Class Action DE Supreme Court Disclosure Fiduciary Duty Merger Agreements Publicly-Traded Companies Settlement Shareholder Litigation Shareholders Supplemental Disclosures

Bank of America and Midland Settle RMBS Litigation

On September 8, 2015, Bank of America NA and Midland Loan Services settled Bank of America’s lawsuit seeking a declaratory judgment that it did not breach the representations and warranties in connection with a CMBS...more

9/15/2015 - Bank of America Banking Sector CMBS Declaratory Judgments Duty of Fair Representation Financial Institutions Financial Markets Financial Sector RMBS Settlement

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 Financial Sector 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 Markets Financial Sector Fraud Goldman Sachs RMBS Summary Judgment

Friend of the Court and Friend of the Little Guy? State Securities Regulators Tell D.C. Circuit in Amicus Brief that SEC’s...

On September 2, 2015, the North American Securities Administrators Association (NASAA) filed an amicus brief siding with Montana and Massachusetts in a bid to overturn the SEC’s new capital-raising rule, titled Regulation A...more

9/9/2015 - Amicus Briefs Capital Raising Crowdfunding IPO JOBS Act NASAA Regulation A SEC Securities Fraud Securities Regulation Tier 2 Offerings

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 - BNY Mellon Financial Markets Financial Sector Loans Mortgages RMBS Trustees

RMBS Investors Sue U.S. Bank for Trust Losses

On August 5, 2015, RMBS investors filed a putative class action against U.S. Bank, N.A. in the Supreme Court for the State of New York. The investors assert that U.S. Bank, as trustee for the MASTR Adjustable Rate Mortgage...more

8/18/2015 - Adjustable-Rate Mortgage Breach of Duty Class Action Conflicts of Interest Fiduciary Duty Financial Services Industry Loans Mortgages NY Supreme Court Putative Class Actions RMBS US Bank

5th Circuit Revives FDIC’s Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland

On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation (“FDIC”) as receiver for Guaranty Bank against Goldman Sachs & Co., Deutsche Bank AG, and the Royal...more

8/18/2015 - Banking Sector Banks CERCLA Deutsche Bank False Statements FDIC Financial Institutions Financial Markets Financial Services Industry Goldman Sachs Misleading Statements Popular Preemption RBS RMBS Royal Bank of Scotland Securities Act Securities Fraud Statute of Limitations Statute of Repose Underwriting

Don’t touch that remote (tippee)? Salman reflects Ninth Circuit’s view on Newman

In United States v. Salman, the Ninth Circuit recently held that a remote tippee could be liable for insider trading in the absence of any “personal benefit” to the insider/tipper where the insider had a close personal...more

7/22/2015 - Breach of Duty Confidential Information Financial Markets Insider Trading Portfolio Managers SCOTUS SEC Tippees US v Newman

$95 Million Settlement Approved in Morgan Stanley RMBS Case

On December 18, Judge Katherine B. Forrest of the United States District Court for the Southern District of New York approved a $95 million settlement to end a class action brought by RMBS investors against Morgan Stanley. ...more

1/14/2015 - Class Action Morgan Stanley RMBS Settlement Trustees Underwriting

NCUA Sues Wells Fargo for Allegedly Failing to Comply with RMBS Trustee Duties

On December 22, National Credit Union Administration sued Wells Fargo, as an RMBS trustee, in the United States District Court for the Southern District of New York. NCUA filed the suit in its capacity as liquidating agent...more

1/13/2015 - Breach of Duty Liquidation NCUA RMBS Trust Indenture Act Trustees Wells Fargo

Trustee Representation and Warranty Suit against Morgan Stanley Will Proceed

On November 24, Justice Marcy Friedman of the Supreme Court for the State of New York partially dismissed U.S. Bank’s suit against sponsor Morgan Stanley Mortgage Capital and originator Greenpoint Mortgage Funding in...more


D.C. Circuit to Re-Consider Whether SEC Disclosure Rule Aimed at Curbing Human Rights Abuses in the Democratic Republic of the...

In an interesting and uncommon intersection between securities law, curbing human rights abuses and freedom of speech under the First Amendment, the United States Court of Appeals for the District of Columbia recently agreed...more

11/26/2014 - American Meat Institute Amnesty International Appeals Conflict Mineral Rules Department of Agriculture Disclosure Requirements En Banc Review First Amendment Human Rights NAM Petition For Rehearing SEC

Assured Guaranty Discontinues Lawsuit Against DB Structured Products

On November 17, 2014, Justice Shirley Werner Kornreich of the Supreme Court for the State of New York, New York County approved the stipulation of voluntary discontinuance between Assured Guaranty Municipal Corp., DB...more

11/25/2014 - Stipulations Structured Financial Products

Court Finds FHFA Claims Against Nomura Are Not Time-Barred

On November 18, Judge Denise Cote of the United States District Court for the Southern District of New York granted the Federal Housing Finance Agency’s motion for partial summary judgment on the statute of limitations...more

11/25/2014 - False Statements Fannie Mae FHFA Freddie Mac Securities Act of 1933 Statute of Limitations Summary Judgment

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC

On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC, as the receiver for United Western Bank, alleged claims under the...more

11/25/2014 - Bank of America Enforcement Actions FDIC Merrill Lynch RMBS Securities Act of 1933 Settlement

ResCap’s Claims Against Mortgage Originators in Minnesota Will Proceed

On November 12, Judge Susan Richard Nelson of the United States District Court for the District of Minnesota declined to dismiss claims by the Residential Capital LLC (ResCap) bankruptcy trust against six mortgage...more

11/25/2014 - Commercial Bankruptcy Mortgage Loan Originators Representations and Warranties ResCap RMBS Trustees Wells Fargo

Court Dismisses U.S. Bank’s RMBS Repurchase Claims Against Citigroup as Too Speculative

On November 14, Judge George B. Daniels of the United States District Court for the Southern District of New York dismissed several of U.S. Bank’s repurchase claims against Citigroup Global Markets Realty Corp. U.S. Bank...more

11/21/2014 - Breach of Contract Citigroup Dismissals Representations and Warranties Repurchases RMBS US Bank

Disclosing Merger Negotiations: The Eleventh Circuit Weighs In

Corporate merger negotiations are typically conducted under a veil of secrecy, with public disclosure withheld until the end when a definitive agreement has been signed. The fear is that premature disclosure of preliminary...more

9/24/2014 - Corporate Counsel Disclosure Mergers Negotiations Public Disclosure

Insider Trading Gets Political: Trading on Political Intelligence

Some things are better left unsaid. Especially, it seems, when they involve political intelligence shared by a congressional aide with a lobbyist linked to a political intelligence firm serving Wall Street traders....more

7/2/2014 - CMS DOJ Grand Juries Healthcare Insider Trading Misappropriation SEC STOCK Act Subpoenas Testimony Wall Street Ways and Means Committee

Honey, You Did What? SEC Charges Yet Another Spouse With Insider Trading

On March 31, 2014, the Securities and Exchange Commission brought insider trading charges against Ching Hwa Chen, the husband of a corporate insider, alleging that he misappropriated financial information from his wife and...more

4/9/2014 - Enforcement Actions Insider Trading SEC

Quid Pro Quo, Yes Or No? SEC Signs First Individual Deferred Prosecution Agreement

The SEC this year has demonstrated its willingness to incentivize whistleblowers and companies to share information about misconduct and assist with the SEC’s investigations. To that end, the SEC issued its first Deferred...more

11/20/2013 - Deferred Prosecution Agreements Enforcement Actions SEC

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