All Residential Mortgage Backed Securities Cases To Be Assigned To Justice Friedman of the Commercial Division

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As reported yesterday in the New York Law Journal, Justice Marcy Friedman of the Commercial Division in Manhattan will now be assigned any new case filed in New York Supreme Court that alleges fraud or misrepresentation arising out of the creation or sale of residential mortgage backed securities (“RMBS”) pursuant to a May 23 Order signed by Administrative Justice Sherry Klein Heitler. Justice Heitler had previously reassigned three cases with RMBS as their subject matter to Justice Friedman. According to Justice Heitler, this May 23 order merely codified this pre-existing practice. Justice Heitler stated that she believed that this practice would promote consistency in rulings and efficiency. Going forward, pursuant to Justice Heitler’s order, any party filing a request for judicial intervention (“RJI”) in New York Supreme Court, Manhattan, in an RMBS matter must attach a copy of the May 23 Order to the RJI.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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