Paul Rugani

Paul Rugani

Orrick, Herrington & Sutcliffe LLP

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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

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

U.S. Bank Sues Countrywide for $178M in RMBS Losses

On June 25, 2015, U.S. Bank, in its capacity as Trustee for the LXS 2007-7N Trust, filed a summons with notice in New York Supreme Court against Countrywide Home Loans (“CHL”), Countrywide Home Loans Servicing LP...more

7/7/2015 - Breach of Contract Countrywide NY Supreme Court Representations and Warranties RMBS US Bank

Goldman Sachs’s Motion to Dismiss Mostly Denied in $73M RMBS Suit

On June 29, 2015, Justice Eileen Bransten of New York Supreme Court granted Goldman Sachs Group Inc.’s (“Goldman”) motion to dismiss a cause of action for negligent misrepresentation but denied Goldman’s motion to dismiss...more

7/7/2015 - Fraud Goldman Sachs Motion to Dismiss Negligent Misrepresentation Popular RMBS

Pay Ratio Rule Continues Down Slow Road After Public Senatorial Scolding

On Friday June 5, 2015, the SEC made incremental progress toward finalizing the “pay ratio” rule required by the 2010 Dodd-Frank Act by publishing a memo from the Division of Economic and Risk Analysis (DERA memo) that...more

6/10/2015 - Division of Economic and Risk Analysis (DERA) Dodd-Frank Executive Compensation Pay Ratio SEC Securities Exchange Act Wage and Hour

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 - 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 (FCA) 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 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 - 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 Industry 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

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