Securities Law, Business Torts, Residential Real Estate

Orrick's Financial Industry Week in Review - May 13, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/13/2013

In This Issue: FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgage; Rating Agency Developments; MBIA and Bank of America Settle MBS Litigation for $1.7 Billion: Assured and UBS Agree to Settle RMBS...more

Bank of America Settles Class Action Brought By Mortgage Investors

by Sacha Boegem, Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 4/22/2013

Bank of America has agreed to settle a class-action lawsuit brought by investors who claimed they were misled by its Countrywide unit into buying risky mortgage securities. Bank of America acquired Countrywide Financial, a...more

New York State Court Dismisses RMBS Fraud Suit Against UBS

by Orrick - Structured Finance Group on 4/18/2013

On April 5, New York Supreme Court Justice Shirley Werner Kornreich dismissed with prejudice a suit brought by six Loreley Financing entities against various UBS entities. Loreley alleged fraud stemming from UBS’s issuance of...more

Court Denies Goldman Sachs’s Motion to Dismiss RMBS Action Brought by Prudential

by Orrick - Structured Finance Group on 4/18/2013

On April 9, Judge Susan Wigenton of the U.S. District Court for the District of New Jersey denied Goldman Sachs’s motion to dismiss Prudential’s complaint alleging fraud in connection with the sale of $375 million in RMBS. ...more

Two Federal Courts Hold Government MBS Claims Were Untimely

by BuckleySandler LLP on 4/18/2013

On April 9, the U.S. District Court for the Central District of California dismissed claims brought by the FDIC as receiver for a failed bank against a financial institution related to 10 MBS certificates sold to the bank,...more

Second Circuit Affirms Denial of UBS’s Motion to Dismiss FHFA Complaint

by Orrick - Structured Finance Group on 4/18/2013

On April 5, the United States Court of Appeals for the Second Circuit affirmed the decision of the district court denying UBS’s motion to dismiss the complaint brought by the FHFA. FHFA sued UBS as conservator of Fannie Mae...more

Federal Judge Dismisses FDIC’s Securities Fraud Claims Against Countrywide

by Orrick - Structured Finance Group on 4/18/2013

On April 8, U.S. District Judge Mariana R. Pfaelzer of the Central District of California dismissed the FDIC’s suit against Countrywide. FDIC, as the receiver for Colonial Bank, filed suit against Countrywide and Bank of...more

NCUA Announces Pre-Litigation MBS Settlement

by BuckleySandler LLP on 4/12/2013

On April 2, the NCUA announced that a financial institution agreed to settle allegations related to mortgage-backed securities issued to certain corporate credit unions. The NCUA has alleged on behalf of failed corporate...more

Bank of America Settlement in Jeopardy?

by Enza G. Boderone, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 2/12/2013

Bank of America’s $8.5 billion settlement in 2011 to resolve claims over Countrywide’s mortgage abuses may be in jeopardy. Last week, a group of investors, the Triaxx funds and the Federal Home Loan Banks of Boston,...more

Israeli Bank Sues UBS and Goldman Sachs Seeking a Combined $220 Million

by Orrick - Structured Finance Group on 2/5/2013

On January 29, Bank Hapoalim B.M., Israel’s largest bank, filed summonses with notice against UBS AG, Goldman Sachs & Co., and their affiliates, in the Supreme Court for the State of New York....more

Impac Settles RMBS Suit Brought by Citigroup for $3.1 Million

by Orrick - Structured Finance Group on 2/5/2013

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

Orrick's Financial Industry Week in Review - February 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/5/2013

In This Issue: *Financial Industry Developments - SEC Extends Exemptions for Security-Based Swaps - Fed Announces Release Dates for Results of Supervisory Stress Tests and CCAR - Rating Agency Developments...more

NCUA Files Another Major MBS Suit

by BuckleySandler LLP on 1/16/2013

On January 4, the NCUA announced another major mortgage-backed securities lawsuit. Similar to prior suits, the NCUA alleges on behalf of three insolvent corporate credit unions that a mortgage securitizer violated federal and...more

National Credit Union Administration Sues Bear Stearns for $3.6 Billion in RMBS

by Orrick - Structured Finance Group on 1/10/2013

On December 17, 2012, the National Credit Union Administration Board, acting in its capacity as liquidating agent for four failed credit unions, sued several Bear Stearns affiliates in federal court in Kansas in connection...more

RMBS Trustee Sues GE Subsidiaries for $356 Million

by Orrick - Structured Finance Group on 12/11/2012

On November 30, Deutsche Bank National Trust Company (Deutsche Bank), acting as trustee for the Securitized Asset Backed Receivables L.L.C. Trust 2006-WM3 (the “Trust”), filed a complaint against General Electric Capital...more

Sixth Circuit Affirms Dismissal of Claims Against Credit Rating Agencies

by Orrick - Structured Finance Group on 12/11/2012

On December 3, the United States Court of Appeals for the Sixth Circuit affirmed a decision by Judge James K. Graham of the Southern District of Ohio dismissing, with prejudice, claims against three credit-rating agencies –...more

Court Dismisses FDIC RMBS Suit as Time-Barred

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

On November 21, Judge Mariana Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred an RMBS action brought against Countrywide by the FDIC as receiver for Strategic...more

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

by Orrick - Structured Finance Group on 12/4/2012

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

Residential Mortgage-Backed Securities Working Group Announces Several New Cases

by BuckleySandler LLP on 11/28/2012

On November 20, New York Attorney General Eric Schneiderman, one of the Co-Chairs of the federal-state Residential Mortgage-Backed Securities (RMBS) Working Group, announced a new case filed in the New York State Supreme...more

Federal District Court Dismisses Virginia State Law Claims in FHFA RMBS Suit

by BuckleySandler LLP on 11/27/2012

On November 19, the U.S. District Court for the Southern District of New York held that the FHFA’s state-law claims against a financial institution with regard to the offering of certain residential mortgage-backed securities...more

Multiple Plaintiffs Drop RMBS Suits Against Countrywide

by Orrick - Structured Finance Group on 11/7/2012

On October 19, Judge Mariana R. Pfaelzer of the Central District of California dismissed with prejudice four cases against Countrywide Financial Corp., and related entities, pursuant to stipulations among the parties....more

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

by BuckleySandler LLP on 11/7/2012

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

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Securities Law › Business Torts › Residential Real Estate

Orrick's Financial Industry Week in Review - May 13, 2013

Bank of America Settles Class Action Brought By Mortgage Investors

New York State Court Dismisses RMBS Fraud Suit Against UBS

Court Denies Goldman Sachs’s Motion to Dismiss RMBS Action Brought by Prudential

Two Federal Courts Hold Government MBS Claims Were Untimely

Second Circuit Affirms Denial of UBS’s Motion to Dismiss FHFA Complaint

Federal Judge Dismisses FDIC’s Securities Fraud Claims Against Countrywide

NCUA Announces Pre-Litigation MBS Settlement

Bank of America Settlement in Jeopardy?

Israeli Bank Sues UBS and Goldman Sachs Seeking a Combined $220 Million

Impac Settles RMBS Suit Brought by Citigroup for $3.1 Million

Orrick's Financial Industry Week in Review - February 4, 2013

NCUA Files Another Major MBS Suit

National Credit Union Administration Sues Bear Stearns for $3.6 Billion in RMBS

RMBS Trustee Sues GE Subsidiaries for $356 Million

Sixth Circuit Affirms Dismissal of Claims Against Credit Rating Agencies

Court Dismisses FDIC RMBS Suit as Time-Barred

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

Residential Mortgage-Backed Securities Working Group Announces Several New Cases

Federal District Court Dismisses Virginia State Law Claims in FHFA RMBS Suit

Multiple Plaintiffs Drop RMBS Suits Against Countrywide

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

Credit Crunch Digest -- October 2012

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

New York Attorney General Sues Bear Stearns and JPMorgan Chase

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