Royal Park Investments Sues Bank of America Over $1.6 Billion in RMBS

more+
less-

On October 26, Royal Park Investments filed a summons with notice in New York state court against various Bank of America and Countrywide entities arising out of Royal Park’s alleged purchase of $1.568 billion in RMBS. Royal Park asserts claims for common-law fraud, fraudulent inducement, negligent misrepresentation, and aiding and abetting fraud. It alleges that defendants made material misrepresentations and omissions regarding the underwriting standards used in connection with the underlying mortgage loans, the statistical characteristics of those loans, including loan-to-value and combined-loan-to-value ratios and the percentage of owner-occupied properties, the validity of the assignments of the loans to the trusts, and the entitlement of the trusts to receive interest and principal payments on the loans. Royal Park claims to have suffered, and seeks to recover, at least $713.5 million in damages. Summons.


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 | Attorney Advertising

Written by:

more+
less-

Orrick - Structured Finance Group 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...
×
×