Paul Rugani

Paul Rugani

Orrick, Herrington & Sutcliffe LLP

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NCUA Sues HSBC For Alleged Breaches of Duties as Trustee for 37 RMBS Trusts

On March 20, the National Credit Union Administration Board, acting as liquidating agent for five failed credit unions, filed suit against HSBC USA in the Eastern District Court of Virginia. NCUA alleged that HSBC breached...more

4/2/2015 - Banking Sector Breach of Duty Credit Unions HSBC NCUA RMBS

UBS and Capital Ventures Settle RMBS Dispute

On March 26, Capital Ventures International and several UBS affiliates filed a stipulation of dismissal after reaching a settlement disposing of all claims in the action. The terms of the settlement are undisclosed....more

4/2/2015 - Capital Ventures International RMBS Settlement UBS

Appellate Court Affirms in Part Denial of Moody’s Motion to Dismiss Fraud Claims

On March 20, the Appellate Division, Fourth Department, of the Supreme Court of New York affirmed in part and reversed in part the lower court’s denial of Defendant Moody Investor Services, Inc.’s motions to dismiss two...more

4/1/2015 - Collateralized Debt Obligations Credit Ratings Moody's NY Supreme Court

RBS Motion to Dismiss RMBS Fraud Claim Granted in Part

On March 20, U.S. District Judge Paul G. Gardephe of the Southern District of New York granted in part and denied in part Defendants’ motion to dismiss a complaint filed by several HSH Nordbank affiliates against several RBS...more

4/1/2015 - Banks Material Misstatements Motion to Dismiss RMBS Underwriting

Court Dismisses FDIC’s Amended Complaint for Untimeliness

On March 24, Judge Laura Taylor Swain of the United States District Court for the Southern District of New York granted Defendants’ motion to dismiss an action filed by the FDIC, as receiver for two failed banks, related to...more

4/1/2015 - Dismissals FDIC Receivership RMBS Securities Act of 1933 Statute of Repose

Wannabe Derivative Plaintiffs of Delaware Corporations Cannot Skirt Delaware Law By Filing Suit in California

It is well-established that a shareholder-plaintiff may not assert derivative claims against a corporation’s officers or directors unless he or she makes a pre-suit demand on the corporation’s board of directors and alleges...more

3/31/2015 - Board of Directors Demand Futility Derivative Suit Shareholder Demands Shareholder Litigation Shareholders

The Supreme Court’s Omnicare Decision: Implications And Remaining Questions Regarding When Opinions Are Actionable Under The...

On March 24, 2015, the Supreme Court issued its much anticipated decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, 2015 WL 1291916 (Mar. 24, 2015). With some significant...more

3/31/2015 - C-Suite Executives False Claims Act Issuers Material Misstatements Omnicare Omnicare v Laborers District Council Personal Liability Registration Statement SCOTUS Section 11 Securities Act of 1933 Statement of Opinion

The Supreme Court's Omnicare Decision: Implications And Remaining Questions Regarding When Opinions Are Actionable Under The...

On March 24, 2015, the Supreme Court issued its much anticipated decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, 2015 WL 1291916 (Mar. 24, 2015). With some significant...more

3/27/2015 - Good Faith Issuers Material Misstatements Omnicare Omnicare v Laborers District Council Public Offerings Reasonableness Factors SCOTUS Section 11 Securities Act of 1933 Securities Fraud Statement of Opinion

“Yeah, Well, That’s Just, Like, Your Opinion”:  Supreme Court Limits Securities Liability for Opinions in Omnicare

Echoing a famous epistemological observation from The Big Lebowski, the Supreme Court today rejected the argument, for the most part, that a statement of opinion stands on the same footing as a statement of fact.The Court...more

3/25/2015 - Issuers Omnicare Omnicare v Laborers District Council Registration Statement SCOTUS Securities Act of 1933 Statement of Facts Statement of Opinion

Court Approves RMBS Settlement, Rejecting Institutional Investors’ Attempts to Scuttle It

On March 12, 2015, Judge Katherine B. Forrest of the United States District Court for the Southern District of New York approved a $69 million settlement between the plaintiffs and defendants in Policemen’s Annuity & Benefit...more

3/17/2015 - Bank of America Institutional Investors RMBS US Bancorp Washington Mutual

Morgan Stanley Reaches Agreement to End DOJ Investigation into MBS Deals

On February 25, 2015, Morgan Stanley announced that it reached an agreement in principle with the U.S. Department of Justice, Civil Division, and the U.S. Attorney’s Office for the Northern District of Califoirnia, Civil...more

3/3/2015 - DOJ Enforcement Actions Morgan Stanley RMBS

Citigroup, Goldman, and UBS to Pay $235 Million Settlement in MBS Class Action

On February 13, 2015, the plaintiffs in New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, et al., No. 08-cv-8781 (S.D.N.Y.) filed an unopposed motion for certification of the class and to approve a...more

2/24/2015 - Citigroup Class Action Class Certification Goldman Sachs Mortgage-Backed Securities RMBS Securities Act of 1933 Securities Fraud Settlement UBS

Goldman Sachs Settles RMBS Suit

On February 6, 2015, plaintiffs Union Central Life Insurance, Ameritas Life Insurance, and Acacia Life Insurance filed a letter with the court stating that they had reached an agreement with Goldman Sachs to settle claims...more

2/18/2015 - Goldman Sachs Insurance Companies RMBS Settlement

RMBS Fraud Claims Against Bank of America Dismissed

On February 6, 2015, Judge Stanley Chesler of the United States District Court for the District of New Jersey granted in part and denied in part Bank of America’s motions to dismiss two related cases filed against it by...more

2/18/2015 - Bank of America Dismissals Fraud Popular Prudential Insurance RICO RMBS

S&P Settles RMBS Lawsuits for $1.375 Billion

On February 2, Standard & Poor’s Ratings Services settled claims brought by the Department of Justice, 19 states and the District of Columbia related to credit ratings it issued and maintained for RMBS and CDOs before the...more

2/11/2015 - Attorney Generals CalPERS Collateralized Debt Obligations DOJ RMBS S&P Settlement Agreements

JP Morgan Settles RMBS Lawsuit for $500 Million

On February 1, JP Morgan Chase & Co. settled federal securities claims brought by investors led by the Public Employees’ Retirement System of Mississippi and the New Jersey Carpenters Health Fund related to Bear Stearns’ sale...more

2/11/2015 - Bear Sterns JPMorgan Chase Public Pension RMBS Settlement

Court Declines to Vacate Jury Verdict in Countrywide FIRREA Lawsuit

On February 3, Judge Jed S. Rakoff of the United States District Court of the Southern District of New York denied Bank of America Corporation’s and Rebecca Mairone’s motion for judgment as a matter of law, or, in the...more

2/11/2015 - Bank of America Countrywide Fannie Mae FIRREA Freddie Mac Judge Rakoff

ResCap Liquidating Trust Repurchase Lawsuit Survives Motion to Dismiss in Part:

On February 3, Judge Martin Glenn of the United States Bankruptcy Court of the Southern District of New York denied defendants’ motions to dismiss four adversary proceedings brought by the liquidating trust for Residential...more

2/11/2015 - Bankruptcy Court Commercial Bankruptcy Liquidation Mortgages Real Party in Interest Representations and Warranties Residential Capital LLC Standing

New House Bill Aims to Reduce Some Dodd-Frank Regulatory Burdens

On January 24, 2015, the U.S. House of Representatives passed a bill that loosens certain Dodd-Frank requirements and reduces the scope of the SEC’s regulatory authority over certain private equity firms, small businesses,...more

1/21/2015 - Dodd-Frank Emerging Growth Companies Financial Institutions Legislative Agendas Pending Legislation Private Equity Funds Regulatory Reform Small Business

Ambac Sues Countrywide For Alleged Fraud in Connection with $1.7 Billion in RMBS

On December 27, Ambac Assurance Corporation filed a complaint against several Countrywide entities and Bank of America Corporation in New York state court, seeking to recover at least $600 million in damages in connection...more

1/13/2015 - Ambac Financial Group Bank of America Business Litigation Countrywide Fraudulent Inducement RMBS

No Knowledge, No Jail: Second Circuit Clarifies Scope of Tippee Insider Trading Liability

On December 10, 2014, the Second Circuit issued an important decision (U.S. v. Newman, No. 13-1837, 2014 WL 6911278 (2d Cir. Dec. 10, 2014)) that will make it more difficult in that Circuit for prosecutors, and most likely...more

12/17/2014 - Fund Managers Illegal Tipping Insider Trading Investment Management Personal Benefit SEC Securities Securities Fraud White Collar Crimes

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

Are Bank Branches in New York the Gateway to Seizure of Foreign Assets: The New York Court of Appeals Reconsiders the Separate...

On September 16, 2014, the New York Court of Appeals heard oral argument on a certified question from the Second Circuit in Motorola Credit Corp. v. Standard Chartered Bank, an important case concerning the application of New...more

10/9/2014 - Appeals Banks Foreign Banks Garnishment Judgment Creditors

SEC Bats 0-for-2 on Insider Trading

A California federal jury sided against the U.S. Securities and Exchange Commission on Friday, June 6, finding the founder of storage device maker STEC Inc. not guilty on insider trading charges. ...more

6/10/2014 - Enforcement Actions Fraud Insider Trading SEC

Delaware Supreme Court Tells Controlling Shareholders “If You Look Out For Your Minority, We’ll Look Out For You”

On March 14, 2014, the Delaware Supreme Court unanimously affirmed an important Delaware Court of Chancery decision issued in 2013 that offered a roadmap to companies and their directors on how to obtain the protections of...more

4/2/2014 - Business Judgment Rule Controlling Stockholders Minority Shareholders Shareholder Litigation Shareholders Standard of Review

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