Residential Real Estate Securities Civil Remedies

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FHFA Announces Settlement Of Litigation With Investment Bank

On August 22, the Federal Housing Finance Agency (FHFA) announced that it settled litigation with a major investment bank, other related companies, and several individuals over alleged violations of federal and state...more

Federal, State Mortgage-Related Investigations Yield Largest Ever Civil Settlement

On August 21, the DOJ announced that a large financial institution agreed to resolve federal and state mortgage-related claims through what the DOJ characterized as the largest ever civil settlement with a single entity....more

Bank of America’s $16.65 Billion Settlement

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Citigroup To Pay $7 Billion To Settle Mortgage Claims

To settle charges related to the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS), Citigroup will pay a total of $7 billion, including a record $4 billion fine to the Department of...more

Citigroup Settles with DOJ for $7 Billion

Citigroup announced last week that it will pay $7 billion to end an investigation by the U.S Department of Justice into misconduct related to its mortgage securitization practices. The blockbuster settlement came days before...more

Bah-Humbug: The JPMorgan Settlement & Cy Pres Remedies

Maybe I’m just getting a head start on my “bah humbug” mood for the holidays, I don’t know. Did it strike anyone else as discordant that almost a third of the record-setting JPMorgan RMBS settlement was ear-marked to fund...more

SECURITIES AND EXCHANGE COMMISSION, v. BANK OF AMERICA, N.A., BANC OF AMERICA MORTGAGE SECURITIES, INC., and MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. f/k/a BANC OF AMERICA SECURITIES LLC,

SECURITIES AND EXCHANGE COMMISSION v BANK OF AMERICA N.A. COMPLAINT FOR INJUNCTIVE AND OTHER RELIEF

Civil Action No. 3:13-cv-447 The Securities and Exchange Commission today charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities (RMBS) by failing to...more

CHERYL SOBH and SAM SOBH vs BANK OF AMERICA, NA, JP MORGAN CHASE BANK, TROTT & TROTT, and AMERICAN PREMIERE TITLE

STATE OF MICHIGAN COURT OF APPEALS Re: Defendant Bank of America lacked standing to foreclose. Reversed and Remanded

Bank of America was found to LACK STANDING to Foreclose. It turns out that Chase never paid for anything. While it could be argued that they assumed the liability on billions of dollars in deposits, they also got the...more

Missouri Court Rules Against $440,000 Cyberheist Victim

A Missouri court last week handed a legal defeat to a local escrow firm that sued its financial institution to recover $440,000 stolen in a 2009 cyberheist. The court ruled that the company assumed greater responsibility for...more

Impac Settles RMBS Suit Brought by Citigroup for $3.1 Million

On January 24, Impac Funding Corp. settled a lawsuit brought by Citigroup Global Markets Inc. alleging violations of Sections 18 and 20 of the Securities Exchange Act and negligent misrepresentation based on alleged...more

IKB Files Suit Against Morgan Stanley Over $147M in RMBS

On November 16, German lender IKB Deutsche Industriebank AG sued Morgan Stanley and related entities in the Supreme Court for the State of New York for $147 million in connection with the sale of RMBS....more

Goldman Sachs Asks Supreme Court to Address RMBS Class Standing

On October 29, 2012, Goldman Sachs filed a petition for a writ of certiorari to the United States Supreme Court to review the recent Second Circuit Court of Appeals decision on RMBS class standing....more

ACLU Fair Lending Case Against Mortgage Securitizer Highlights New Fair Lending Litigation Risk; Fair Lending Litigation Against...

On October 15, the ACLU filed a putative class action suit on behalf of a group of private citizens against a financial institution alleged to have financed and purchased subprime mortgage loans to be included in mortgage...more

Suit Brought Against Deutsche Bank Over $183 Million in Securitized Mortgage Loans

On September 27, HSBC Bank USA, National Association, in its capacity as trustee of ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, filed a summons with notice of claims against Deutsche Bank Structured...more

Prudential Files RMBS Lawsuits Against Goldman Sachs and RBS

On August 21, 2012, several Prudential entities sued several RBS entities in New Jersey State court seeking to recover damages allegedly suffered in connection with over $343 million in RMBS. Prudential also sued several...more

Irish Fund Sues Deutsche Bank Over $960 Million in RMBS

On June 22, 2012, Sealink Funding Limited filed suit in New York State Court in Manhattan against Deutsche Bank and several of its units related to its alleged purchase of $960 million face amount of RMBS in 19 offerings in...more

RMBS Trust Files $293 Million Suit Against EMC Mortgage and JPMC

On May 25, 2012, the securitization trust of two RMBS sold in 2006 by EMC Mortgage LLC filed a summons with notice in New York State Supreme Court. The action seeks specific performance, compensatory damages in the amount of...more

RMBS Investors File $250 Million Derivative Suit Against HSBC

On March 28, 2012, investors in Ace Securities Corp. Home Equity Loan Trust, Series 2006-SL2 commenced a derivative lawsuit, purportedly on behalf of the Trust, against HSBC Bank, as trustee, and DB Structured Products, Inc.,...more

Ambac Sues JP Morgan Over Insurance of Bear Stearns RMBS

On March 30, 2012, Ambac Assurance Corp. brought claims against J.P. Morgan Chase, EMC Mortgage, and Bear Stearns in the Supreme Court of the State of New York, alleging fraudulent marketing of RMBS by Bear Stearns. Ambac...more

Dexia Sues Merrill Lynch Over $527 Million in RMBS

On March 29, 2012, Dexia filed suit against Merrill Lynch & Co. and related entities in the Supreme Court of the State of New York in connection with $527 million in RMBS it allegedly purchased in fifteen offerings in 2006...more

Landesbank Baden-Wuttenberg Files $455 Million RMBS Suit Against Countrywide

On March 29, 2012, German bank Landesbank Baden-Wurttemberg (“LBW”) filed a suit against Countrywide Financial Corp. and related entities in the Supreme Court of the State of New York alleging that Countrywide misrepresented...more

POSEIDON FUNDING LTD.; HSH NORDBANK SECURITIES S.A., & CARRERA CAPITAL FINANCE LIMITED vs. BARCLAYS BANK PLC; BARCLAYS CAPITAL INC.; SUTTON FUNDING LLC & SECURITIZED ASSET BACKED RECEIVABLES LLC

HSH Nordbank Securities S.A. v Barclays Bank PLC. Complaint

The payee, lender and secured parties were acting as sham entities even when they were otherwise real entities, like Wells Fargo. The banks had to make some OTHER connection between the so-called pools that were in...more

Deutsche Bank Settles RMBS Claims for $32.5 Million

On March 26, 2012, lead plaintiffs in a putative RMBS class-action lawsuit against affiliates of Deutsche Bank AG sought approval of a $32.5 million settlement. The action arose out of alleged misrepresentations Deutsche Bank...more

GALENA STREET FUND, L.P. v. WELLS FARGO BANK, N.A.,

INVESTOR COMPLAINT AGAINST WELLS FARGO BANK, N.A.

Plaintiff is an investor in certain residential mortgage-backed securities. Plaintiff brings this action against Wells Fargo for breach of fiduciary duty, breach of contract, breach of the duty of good faith and fair dealing,...more

Orrick's Financial Industry Week in Review - March 19, 2012

In This Issue: Financial Industry Developments · Attorneys General Complaint on Mortgage Practices · Fed Results of Stress Tests · Fed Methodology for Stress Tests · FHFA Rule on Private Transfer...more

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