Capital One, Chevy Chase, and Credit Suisse Sued over $168.6 Million in RMBS

more+
less-

On March 8, 2012, a group of plaintiffs led by German bank Landesbank Baden-Wuerttemberg filed a summons with notice in New York state court against Capital One Financial Corp., Chevy Chase Funding LLC, and Credit Suisse Securities (USA) LLC.  The plaintiffs allege that the defendants made material misrepresentations and omissions in the offering materials for $168.6 million worth of RMBS allegedly purchased by plaintiffs.  Specifically, plaintiffs claim that the materials contained misrepresentations concerning the legal validity of the assignments of the underlying mortgage loans to trusts and the legal validity of the trusts to receive interest and principal payments on the loans.  Plaintiffs assert claims for common-law fraud, fraudulent inducement, negligent misrepresentation, aiding and abetting fraud, declaratory judgment, rescission, restitution, and mutual mistake.  Plaintiffs are seeking at least $168.6 million in damages plus accrued interest and punitive damages.  Summons.

Written by:

more+
less-

Orrick, Herrington & Sutcliffe LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×