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Delaware Chancery Court Revives Repurchase Litigation

On January 12, 2015, Vice Chancellor Laster of the Delaware Chancery Court granted the plaintiff’s motion for reargument and revived the breach of contract claims that the court had previously held to be untimely in Bear...more

1/21/2015 - Bear Sterns Breach of Contract JPMorgan Chase Repurchases Statute of Limitations

JP Morgan Reaches Agreement in Principle to Settle Dispute Over $17.6B in MBS

On January 8, 2015, plaintiffs in a class action lawsuit against JP Morgan Chase informed the court that the parties had an agreement in principle to settle the case. The suit was initially commenced against Bear Stearns in...more

1/21/2015 - Bear Sterns Class Action JPMorgan Chase RMBS Settlement Settlement Negotiations

NCUA Sues U.S. Bank and Bank of America for Allegedly Failing to Comply with RMBS Trustee Duties

On December 16, National Credit Union Administration filed a lawsuit in the United States District Court for the Southern District of New York against U.S. Bank N.A. and Bank of America N.A., in their capacity as trustees for...more

1/14/2015 - Bank of America Breach of Duty Credit Unions NCUA RMBS Trustees US Bank

U.S. Bank Reaches $6 Million Settlement of Claims for Breach of RMBS Trustee Duties

On December 17, the parties in Oklahoma Police Pension and Retirement System v. U.S. Bank, N.A., No. 11-cv-8066 (S.D.N.Y.) asked the court to approve a $6 million settlement of class action claims asserted against U.S. Bank...more

1/14/2015 - Bear Sterns RMBS Settlement Trustees US Bank

Second Circuit Affirms Dismissal of $56M MBS Suit against Bank of America

On November 25, the United States Court of Appeals for the Second Circuit upheld the dismissal of IKB Deutsche Industriebank AG’s suit against Bank of America. IKB alleged that BofA fraudulently misrepresented the quality of...more

12/9/2014 - Bank of America Dismissals Mortgage-Backed Securities

Fund Managers Sue Citibank for Breach of Contract and Fiduciary Duty

On November 24, financial institutions including AEGON, Pacific Investment Management Co., Prudential Financial Inc., Kore Advisors LP, Sealink Funding Ltd., TIAA-CREF Bond Fund, and affiliates, sued Citibank N.A. in the...more

12/9/2014 - Breach of Contract Breach of Duty Citibank Derivative Suit Financial Institutions Fund Managers Putative Class Actions

Commentary: Five Lessons from the Municipal Derivatives Litigation Front

Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, resulting in expensive...more

6/17/2013

Second Circuit Rules That Payments Made To Purchase Notes Are Exempt from Avoidance Under Section 546(e) of the Bankruptcy Code

The United States Court of Appeals for the Second Circuit held, on June 10, 2013, that payments made by a company to purchase notes issued by an affiliate were transfers made in connection with a “securities contract,” and...more

6/12/2013 - Commercial Loans Exemptions Preferential Transfers Purchase Agreement Securities Trustees

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