Katie Lieberg Stowe

Katie Lieberg Stowe

Orrick, Herrington & Sutcliffe LLP

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Latest Posts › RMBS


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

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

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

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

$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

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

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