Katie Lieberg Stowe

Katie Lieberg Stowe

Orrick, Herrington & Sutcliffe LLP

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Federal Court Permits BlackRock’s Breach of Contract Claims to Proceed against BNY Mellon

On March 28, Judge George Daniels of the U.S. District Court for the Southern District of New York granted in part and denied in part Bank of New York Mellon’s motion to dismiss an action brought by BlackRock. BlackRock, as a...more

4/6/2016 - Bank of New York (BNY) Mellon BlackRock Breach of Contract Financial Sector Motion to Dismiss Trust Indenture Act

Barclays and MassMutual Settle RMBS Litigation

On March 29, Barclays Capital Inc. and Massachusetts Mutual Life Insurance Co. jointly moved pursuant to a confidential settlement agreement for dismissal of an action brought by MassMutual. MassMutual brought claims under...more

4/6/2016 - Barclays Financial Sector MassMutual Motion to Dismiss Popular RMBS Settlement Agreements

Eleven Banks Reach Settlement with Commonwealth of Virginia on RMBS Claims

On Friday, January 22, 2016, eleven banks, including Merrill Lynch, RBS, and Barclays, agreed to settle claims brought by the Commonwealth of Virginia in a 2014 action alleging misrepresentations as to the nature, quality,...more

2/2/2016 - Banking Sector Financial Markets Misrepresentation RMBS Settlement

Ambac and J.P. Morgan Reach $995M RMBS Settlement

On Monday, January 25, 2016, monoline insurer Ambac Assurance Corporation (“Ambac”) reached a $995 million settlement with J.P. Morgan, resolving two RMBS actions pending before Justice Ramos in the Supreme Court of the State...more

2/2/2016 - Financial Markets JPMorgan Chase NY Supreme Court RMBS Settlement

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

2015 Securities Law Developments

On balance, the securities litigation landscape in 2015 offered a glass half-full/glass half-empty perspective for issuers and their officers, directors and advisors. Omnicare, Inc. v. Laborers District Council Construction...more

1/12/2016 - ALJ Anti-Retaliation Provisions Halliburton v Erica P. John Fund JPMorgan Chase Omnicare v Laborers District Council Popular SEC Securities Fraud Securities Litigation US v Newman Whistleblowers

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

Merrill Lynch v. Manning: SCOTUS to Decide Scope of Federal Jurisdiction in Certain Securities Cases

On December 1, 2015, the Supreme Court heard argument in Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning. In that case, the Court will resolve the split in the Circuits as to whether Section 27 of the Securities...more

12/15/2015 - Federal Jurisdiction Merrill Lynch SCOTUS SEC Securities Violations

Investment Firms and Compliance Professionals Beware: SEC Finds Risks Associated with Outsourcing Compliance Function

On Monday, November 9, 2015, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) released results from its evaluation of investment adviser firms’ use of third...more

11/17/2015 - Compliance Investment Adviser Risk Alert SEC Third-Party Risk

Defrauded Defendant Defenseless Against Investors: Ninth Circuit Imputes Scienter of Embezzling CEO to Corporation for 10b-5...

Malfeasance by a corporate insider against his company has the potential to leave a gaping wound. Facing a securities lawsuit due to that malfeasance is like salt in that wound. Corporations targeted with such lawsuits have...more

10/29/2015 - Appeals China Corporate Executives Corporate Officers Embezzlement False Statements Fraudulent Transfers Investment Investment Fraud Investors Misleading Statements Nasdaq Scienter SEC Section 10(b)-5 Securities Litigation Transfer of Assets White Collar Crimes

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

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

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 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 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

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 - Bank of New York (BNY) Mellon Financial Institutions Financial Markets 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 Institutions 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 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

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