RMBS Repurchase Lawsuit Against Nomura Dismissed with Prejudice

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Explore:  Mortgages Repurchases RMBS

On December 24, Justice O. Peter Sherwood of the New York Supreme Court granted with prejudice Nomura Credit & Capital Inc.’s motion to dismiss an RMBS repurchase lawsuit as time-barred. Following the Appellate Division decision in ACE Securities v. DB Structured Products summarized above, Justice Sherwood held that the plaintiff’s claims for breach of representations concerning individual mortgage loans accrued when the representations were made; that is, on the date of the agreement containing those representations. Justice Sherwood further held that because the Trustee – the only party with standing to sue – did not assert its claims until more than six years after the date the representations were made, its claims were barred under New York’s statute of limitations. Orrick represented Nomura in this lawsuit. Order.

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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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