Civil Procedure, Finance & Banking

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

by BuckleySandler LLP on 5/20/2013

On May 1, the Supreme Court of the State of New York, Appellate Division, overturned a lower court’s order requiring a lender to modify a borrower’s loan agreement under the terms employed in the trial period as the penalty...more

Orrick's Financial Industry Week In Review - May 20, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/20/2013

In This Issue: April Housing Scorecard; Rating Agency Developments; New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred; New York State Court Allows Trustee Lawsuit Against DB Structured Products...more

Corporate and Financial Weekly Digest - May 17, 2013

by Katten Muchin Rosenman LLP on 5/20/2013

In this issue: - CFTC Adopts Final Rules for Execution Facilities and Other Matters - FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs - Mississippi District Court Defers to New...more

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

by Kevin Coleman, Valerie Peo | Schnader Harrison Segal & Lewis LLP on 5/20/2013

Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court...more

In re LIBOR-Based Financial Instruments Antitrust Litigation: A Long Road Ahead

by Susan E. Foster | Perkins Coie on 5/17/2013

In a self-described “unexpected” ruling for the defendants in the consolidated LIBOR proceedings, Judge Naomi Reice Buchwald has dismissed the private plaintiffs’ antitrust and Racketeer Influenced and Corrupt Organizations...more

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

by Scott St. Amand, Douglas L. Waldorf, Jr. | Rogers Towers on 5/16/2013

It is no secret that Florida consistently ranks among the worst states in the union in regards to the mire of the residential mortgage foreclosure case backlog. From 2007 to 2013, approximately 1.5 million foreclosure cases...more

Indiana Eliminates Provisions Binding Interested Parties Not Named In Foreclosure Actions

by BuckleySandler LLP on 5/16/2013

On May 7, Indiana enacted SB 279 to (i) eliminate a provision in current law that binds certain omitted parties...more

Amendment to Rule 1.490 re Use of Magistrates in Residential Foreclosures

by Brian Willis | Shumaker, Loop & Kendrick, LLP on 5/15/2013

The Florida Supreme Court has amended Florida Rule of Civil Procedure 1.490, effective immediately, to streamline the use magistrates in residential mortgage foreclosures....more

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

by Orrick - Structured Finance Group on 5/15/2013

On May 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California allowed American International Group, Inc. (AIG) to proceed with several of its claims against Bank of America and...more

Federal Court Dismisses United States Action Against Countrywide In Part

by Orrick - Structured Finance Group on 5/15/2013

On May 8, Judge Jed Rakoff of the United States District Court for the Southern District of New York dismissed claims by the United States for damages and civil penalties under the False Claims Act against Countrywide and...more

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

by Robert Sahyan | Sheppard Mullin Richter & Hampton LLP on 5/15/2013

On April 30, 2013, the United States Court of Appeals for the Ninth Circuit held that the bankruptcy court has authority to recharacterize as equity, rather than debt, advances of funds made purportedly as a loan to the...more

Former Owner Cannot Challenge Foreclosure Procedure In Forcible Detainer Action

by David Johnson | Winstead PC on 5/15/2013

In McDaniel v. HSBC Bank USA, NA, McDaniel appealed a trial court's granting a bank possession of real property purchased at a foreclosure sale. No. 05-11-00238-CV, 2013 Tex. App. LEXIS 1079 (Tex. App.—Dallas February 6,...more

Adversary Proceedings in Bankruptcy Court

by Jeff Field | Jeff Field & Associates on 5/15/2013

Adversary proceedings are lawsuits related to or arising from a bankruptcy case. It can be filed by you, your creditor or the trustee and may involve a variety of issues, including...more

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

by Orrick - Structured Finance Group on 5/15/2013

On May 7, New York’s First Department appellate court reinstated CIFG Assurance North America, Inc.’s fraud claim against Goldman Sachs & Co. and M&T Bank. Last May, a New York trial court dismissed CIFG’s claim for...more

Where There’s Smoke, There’s FIRREA

by Melissa J. Anderson, Lori Lynn Phillips, Frank Scaduto | Orrick - Securities Litigation and Regulatory... on 5/14/2013

Few can ignite a legal firestorm like U.S. District Judge Jed Rakoff of the Southern District of New York. Last week, in a mortgage fraud suit against Bank of America and Countrywide, Judge Rakoff refused to dismiss a novel...more

Another Business Owner Caught By Withdrawal Liability

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/14/2013

I have blogged before [May 16, 2012, November 21, 2012, April 23, 2012, May 15, 2012, September 5, 2012] about the liability that can be imposed on businesses whose union employees participate in a multiemployer pension plan...more

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

by David Johnson | Winstead PC on 5/14/2013

In New Millennium Homes, Inc. v. Texas Community Bank, NA, a debtor appealed a summary judgment granted to a lender based on a deficiency claim. No. 09-12-00073-CV, 2013 Tex. App. LEXIS 1598 (Tex. App.—Beaumont February 21,...more

District Court Denies Banks’ Motions to Dismiss Litigation Concerning Role of MBS Trustees

by Orrick - Structured Finance Group on 5/14/2013

On May 6, Judge Katherine Forrest of the United States District Court for the Southern District of New York denied Bank of America and U.S. Bank’s motions to dismiss an action relating to their roles as trustees of Washington...more

A Bank Can Solely Look To Its Account Agreement To Determine The Ownership Of Funds In An Account

by David Johnson | Winstead PC on 5/14/2013

In Abbott v. Liberty National Bank, Abbott obtained a money judgment against Scotty Norwood and had a writ of garnishment served on Liberty National Bank, who had an account owned by Scotty’s wife, in an attempt to collect on...more

California Court Finds Securitization Entities Subject to California Income Tax

by Marty Dakessian, Mike Shaikh, Kyle O. Sollie | Reed Smith on 5/13/2013

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

Court Dismissed Customer's Libel Claim Based On Credit Report

by David Johnson | Winstead PC on 5/13/2013

In Meisel v. U.S. Bank, Meisel was a customer of U.S. Bank who found an original signed payroll check dated several years earlier from his former employer. No. 05-11-01336-CV, 2013 Tex. App. LEXIS 1740 (Tex. App.—Dallas...more

Federal Court Of Appeal Strikes Out A Pleading Alleging That Expenses Are Non-Deductible In Light Of “Egregious And Repulsive”...

by David Spiro | Dentons on 5/13/2013

In a ruling handed down May 6, 2013, the Federal Court of Appeal ordered that portions of a Crown pleading be struck out for suggesting that a deduction may be disallowed on the basis that the conduct of the taxpayer in...more

Corporate and Financial Weekly Digest - May 10, 2013

by Katten Muchin Rosenman LLP on 5/13/2013

In this issue: - SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute - SEC Reopening Comment Periods for Certain Rulemaking Releases and...more

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Civil Procedure › Finance & Banking

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

Orrick's Financial Industry Week In Review - May 20, 2013

Corporate and Financial Weekly Digest - May 17, 2013

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

In re LIBOR-Based Financial Instruments Antitrust Litigation: A Long Road Ahead

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

Indiana Eliminates Provisions Binding Interested Parties Not Named In Foreclosure Actions

Amendment to Rule 1.490 re Use of Magistrates in Residential Foreclosures

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

Federal Court Dismisses United States Action Against Countrywide In Part

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

Former Owner Cannot Challenge Foreclosure Procedure In Forcible Detainer Action

Adversary Proceedings in Bankruptcy Court

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

Where There’s Smoke, There’s FIRREA

Another Business Owner Caught By Withdrawal Liability

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

District Court Denies Banks’ Motions to Dismiss Litigation Concerning Role of MBS Trustees

A Bank Can Solely Look To Its Account Agreement To Determine The Ownership Of Funds In An Account

California Court Finds Securitization Entities Subject to California Income Tax

Court Dismissed Customer's Libel Claim Based On Credit Report

Federal Court Of Appeal Strikes Out A Pleading Alleging That Expenses Are Non-Deductible In Light Of “Egregious And Repulsive”...

Corporate and Financial Weekly Digest - May 10, 2013

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