News & Analysis as of

Bear Sterns Residential Mortgage-Backed Securities

Orrick - Finance 20/20

JP Morgan and Others Voluntarily Dismissed from FHLB Boston’s RMBS Suit

Orrick - Finance 20/20 on

On May 8, 2015, the Federal Home Loan Bank of Boston filed a stipulation of voluntary dismissal with prejudice of claims it levied against JP Morgan Chase & Co., the Bear Stearns Companies Inc., EMC Mortgage Corporation and...more

Orrick - Finance 20/20

JP Morgan Settles RMBS Lawsuit for $500 Million

Orrick - Finance 20/20 on

On February 1, JP Morgan Chase & Co. settled federal securities claims brought by investors led by the Public Employees’ Retirement System of Mississippi and the New Jersey Carpenters Health Fund related to Bear Stearns’ sale...more

Orrick - Finance 20/20

JP Morgan Reaches Agreement in Principle to Settle Dispute Over $17.6B in MBS

Orrick - Finance 20/20 on

On January 8, 2015, plaintiffs in a class action lawsuit against JP Morgan Chase informed the court that the parties had an agreement in principle to settle the case. The suit was initially commenced against Bear Stearns in...more

Orrick - Finance 20/20

U.S. Bank Reaches $6 Million Settlement of Claims for Breach of RMBS Trustee Duties

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On December 17, the parties in Oklahoma Police Pension and Retirement System v. U.S. Bank, N.A., No. 11-cv-8066 (S.D.N.Y.) asked the court to approve a $6 million settlement of class action claims asserted against U.S. Bank...more

Orrick - Finance 20/20

MBIA Allowed to Pursue Fraudulent Inducement Claim Against J.P. Morgan

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On September 19, Justice Alan D. Scheinkman of the New York Supreme Court for Westchester County granted in part MBIA’s motion for leave to amend its complaint against J.P. Morgan in an action related to a Bear Stearns RMBS...more

Orrick - Finance 20/20

JPMorgan Agrees to $4.5 Billion Settlement in RMBS Suit

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On November 15, JPMorgan Chase & Co. agreed to pay 21 institutional investors $4.5 billion to settle all representation and warranty claims, as well as servicing claims, in respect of all RMBS securitizations issued by...more

Orrick - Finance 20/20

Bear Stearns Liquidators Brings Fraud Action Against Rating Agencies

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On July 9, the joint official liquidators of Bear Stearns & Co. Inc. filed suit against three rating agencies – Standard & Poors, Moody’s and Fitch – in New York state court over the agencies’ allegedly fraudulent investment...more

Orrick - Finance 20/20

RMBS Claims Against U.S. Bank National Association Dismissed in Part

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On May 31, Judge John G. Koeltl of the United States District Court for the Southern District of New York granted in part and denied in part a motion to dismiss claims brought against U.S. Bank National Association (U.S....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - January 7, 2013

In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more

Orrick - Finance 20/20

National Credit Union Administration Sues Bear Stearns for $3.6 Billion in RMBS

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On December 17, 2012, the National Credit Union Administration Board, acting in its capacity as liquidating agent for four failed credit unions, sued several Bear Stearns affiliates in federal court in Kansas in connection...more

Orrick - Finance 20/20

CIFG Sues JP Morgan Over Two Bear Stearns CDO Portfolios

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On November 26, CIFG sued JP Morgan in Supreme Court for the State of New York for alleged losses stemming from its insurance of credit default swaps on two Bear Stearns RMBS-backed CDOs....more

Orrick, Herrington & Sutcliffe LLP

Sixth Circuit Affirms Dismissal of RMBS Case Against Bear Stearns

On June 20, 2012, the Sixth Circuit affirmed an order by the Western District of Kentucky granting Bear Stearns’s motion to dismiss claims brought against it by Republic Bank & Trust Co. arising out of Republic Bank’s...more

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