Two Funds File $28M RMBS Suit Against TCW


On November 21, two private funds based in the Cayman Islands, Basis Pac-Rim Opportunity Fund and Basis Yield Alpha Fund, sued TCW Asset Management Company in the Supreme Court for the State of New York over their alleged purchase of $28 million in RMBS and CDOs through a TCW investment vehicle. The funds allege that TCW knowingly made material misrepresentations and omissions about the current and expected performance of the investment vehicle’s portfolio, the criteria it used to select the portfolio, and the mortgage-backed bond market. The funds’ causes of action against TCW include fraudulent concealment, negligence misrepresentation, breach of contract, and unjust enrichment. The funds seek over $28 million in damages. Complaint.

Topics:  RMBS, TCW Asset Management Company

Published In: Business Torts Updates, Finance & Banking Updates, Residential Real Estate Updates

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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »