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On August 17, the FDIC, in its capacity as receiver for Texas-based Guaranty Bank, filed three actions in Texas state court arising out of the bank’s alleged investments in 36 RMBS certificates totaling $5.4 billion in face value. In all three suits, the FDIC alleges that the defendant banks violated the Texas Securities Act and the Securities Act of 1933 by making material misrepresentations and omissions in offering documents. The FDIC seeks a combined total of at least $2.1 billion, plus attorneys’ fees and costs.
Complaint: FDIC v Ally Securities, et al.
Complaint: FDIC v Countrywide Securities Corp, et al.
Complaint: FDIC v J.P. Morgan Securities, et al.
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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.
© Orrick - Structured Finance Group
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