Business Torts, Finance & Banking, Insurance

Court Issues Summary Judgment Ruling in MBIA’s RMBS Action Against Countrywide

by Orrick - Structured Finance Group on 5/9/2013

On April 29, Justice Eileen Bransten of the New York State Supreme Court issued an opinion granting in part and denying in part competing motions for summary judgment filed by MBIA and Countrywide in connection with tort and...more

NY Appellate Court Holds CIFG and Syncora Lack Standing in $1.8 Billion MBS Suit

by Orrick - Structured Finance Group on 4/30/2013

On April 25, the First Department of the Appellate Division of the New York Supreme Court affirmed an order barring monoline insurers CIFG and Syncora from suing GreenPoint Mortgage Funding for alleged violations of...more

Federal Court Dismisses $31 Million FDIC Suit as Time-Barred

by Orrick - Structured Finance Group on 4/30/2013

On April 22, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred the Federal Deposit Insurance Corporation’s (FDIC) $31 million suit against JPMorgan...more

New York Obtains Major Lender-Placed Insurance Settlement

by BuckleySandler LLP on 4/1/2013

On March 21, the New York Department of Financial Services (DFS) announced that it obtained a settlement from a major lender-placed insurer to resolve an investigation into the company’s practices. According to the DFS, the...more

MBIA Sues Flagstar Bank In Connection With Insurance Of $1 Billion in RMBS

by Orrick - Structured Finance Group on 1/23/2013

On January 11, monoline insurer MBIA Insurance Corp. sued Flagstar Bank and its affiliates for breach of contract in the United States District Court for the Southern District of New York....more

CIFG Sues JP Morgan Over Two Bear Stearns CDO Portfolios

by Orrick - Structured Finance Group on 12/5/2012

On November 26, CIFG sued JP Morgan in Supreme Court for the State of New York for alleged losses stemming from its insurance of credit default swaps on two Bear Stearns RMBS-backed CDOs....more

Mutual Fund Litigation and Insurance Practice Guide

by Dechert LLP on 11/7/2012

In the wake of the subprime mortgage meltdown and ensuing global credit crisis, the SEC is more devoted than ever before to examination and enforcement efforts directed at the mutual fund industry. The class action bar also...more

Bond Insurer Syncora Sues JPMorgan, Bear Stearns, and EMC Mortgage

by Orrick - Structured Finance Group on 10/16/2012

On October 5, Syncora Guarantee Inc. filed suit in New York state court against JPMorgan Chase Bank NA, Bear Stearns & Co., Inc., and EMC Mortgage LLC. Syncora asserts claims of breach of contract, fraudulent inducement, and...more

GreenPoint Mortgage Sued For Fraud By CIFG

by Orrick - Structured Finance Group on 10/10/2012

On October 1, CIFG Assurance North America filed a summons with notice against GreenPoint Mortgage Funding Inc. in the Supreme Court for the State of New York, New York County. The monoline insurer alleges that GreenPoint...more

FDIC Files Five Lawsuits Against Bank Entities Over RMBS

by Orrick - Structured Finance Group on 8/22/2012

On August 10, the FDIC in its capacity as receiver for Colonial Bank filed five lawsuits – three in Alabama state court, one in New York federal court, and one in California federal court – seeking $741 million in damages...more

FSA Fines and Bans Insurance Broker for Misappropriating Insurance Premia

by Orrick - Structured Finance Group on 7/31/2012

On July 24, the FSA published the final notice issued to Stephen Goodwin, a commercial insurance broker at S Goodwin & M Best, which has now ceased trading. ...more

Judge Denies Washington Mutual’s Motion for Summary Judgment

by Orrick - Structured Finance Group on 7/30/2012

On July 23, Judge Marsha Pechman of the United States District Court for the Western District of Washington denied Washington Mutual’s motion for summary judgment. Plaintiffs allege that Washington Mutual misrepresented the...more

Federal Court Orders Bayerische Landesbank RMBS Lawsuits Back to State Court

by Orrick - Structured Finance Group on 7/24/2012

On July 16, Judge Lewis A. Kaplan of U.S. District Court for the Southern District of New York remanded suits brought by Bayerische Landesbank against Bear Stearns and Merrill Lynch to the Supreme Court of the State of New...more

Bank of America Settles Syncora RMBS Action for $375 Million

by Orrick - Structured Finance Group on 7/24/2012

On July 17, Bank of America agreed to settle a case brought in New York state court by insurer Syncora Guarantee for $375 million. The settlement also includes a transfer of assets from Syncora to Bank of America subsidiaries...more

Seventh Circuit Compels Coverage Under D&O Policy Despite “Insured vs. Insured” Exclusion

by BuckleySandler LLP on 7/11/2012

On June 29, the U.S. Court of Appeals for the Seventh Circuit directed a D&O insurance provider to cover certain claims against defendants insured under the same policy as some plaintiffs despite an “insured vs. insured”...more

Syncora Permitted to Prove its Breach Claims Without Showing That Alleged Breaches Caused Loans to Default

by Orrick, Herrington & Sutcliffe LLP on 6/26/2012

On June 19, 2012, Judge Paul Crotty of the Southern District of New York granted in part Syncora Guarantee Inc.’s motion for partial summary judgment concerning the showing necessary to prove its claims for breach against EMC...more

District Court Refuses To Apply Business Judgment Rule To Claims Against Officers

by Allen Matkins Leck Gamble Mallory & Natsis... on 6/21/2012

Since 2008, a total of 38 banks have failed in California (See this list of failed banks). When this happens, the Federal Deposit Insurance Corporation acts as receiver for the bank. Since the FDIC is also an insurer of the...more

California Federal District Court Dismisses Four Mortgage Insurers from Captive Reinsurance Kickback Suit

by BuckleySandler LLP on 6/12/2012

On May 25, the U.S. District Court for the Eastern District of California dismissed a group of mortgage insurers from a proposed class action over allegations that their reinsurance arrangement with a lender’s affiliate...more

FSA Bans Introducer Appointed Representative Following Upper Tribunal’s Decision

by Orrick, Herrington & Sutcliffe LLP on 5/30/2012

On 22 May 2012, the FSA published a final notice issued to appointed representative Derek William Wright. The notice prohibits Mr. Wright from performing any function in relation to any regulated activity on honesty,...more

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 11, 2012, Assured Guaranty filed suit in the United States District Court for the Southern District of New York against several GMAC entities alleging that the defendants induced Assured to issue financial guaranty...more

Assured Guaranty and Deutsche Bank Settle RMBS Claims for $165.6 Million

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 10, 2012, Assured Guaranty announced that it had reached a $165.6 million settlement with Deutsche Bank resolving claims related to RMBS transactions issued, underwritten or sponsored by Deutsche Bank that were insured...more

New York Court Rejects $90 Million D&O Settlement

by Traub Lieberman Straus & Shrewsberry LLP on 5/11/2012

In In re Lehman Brothers Securities and ERISA Litigation, 2012 U.S. Dist. LEXIS 65167 (S.D.N.Y. May 3, 2012), Judge Lewis A. Kaplan, for the United States District Court for the Southern District of New York considered the...more

Asset Management Fund Sues Morgan Stanley In Connection With Sale Of $122 Million in RMBS

by Orrick, Herrington & Sutcliffe LLP on 5/8/2012

On May 2, 2012, mutual fund Asset Management Fund and related affiliates filed a summons with notice to commence an action against Morgan Stanley in the Supreme Court of the State of New York seeking $122 million in...more

Unambiguous Policy Language Precludes Coverage for More Than $15 Million in Losses Due to Madoff’s Ponzi Scheme

by Sedgwick LLP on 5/8/2012

In Bleznak Black, LLC v. Allied World Nat’l Assurance Co., No. A-6107-09T2, 2012 N.J. Super. Unpub. LEXIS 879 (N.J. Super. Ct. App. Div. Apr. 20, 2012), the Superior Court of New Jersey, Appellate Division, affirmed the trial...more

MetLife Sues Morgan Stanley Over $757 Million in RMBS

by Orrick, Herrington & Sutcliffe LLP on 4/30/2012

On April 25, 2012, Metropolitan Life Insurance Co. (“MetLife”) filed suit in New York State Court against Morgan Stanley. MetLife alleges that Morgan Stanley misrepresented the quality of the mortgage loans underlying RMBS...more

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Business Torts › Finance & Banking › Insurance