News & Analysis as of

Dismissals Residential Mortgage-Backed Securities

Orrick, Herrington & Sutcliffe LLP

2nd Circuit addresses issue preclusion standard in dismissal of RMBS actions

On April 26, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of three residential mortgage-backed securities lawsuits tied to losses incurred during the 2008 financial crisis. The plaintiffs, issuers of...more

Orrick - Finance 20/20

NY Intermediate Appellate Court Reverses Dismissal of HSBC RMBS Suit Against Deutsche Bank

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HSBC, the trustee of two securitizations at issue, successfully appealed the 2018 dismissal of its complaint alleging that DB Structured Products Inc. (DBSP), the sponsor of the two securitizations at issue, breached Mortgage...more

Katten Muchin Rosenman LLP

Court Confirms Contractual Limits of Trustee's Duties

On April 2, 2018, the US District Court for the Southern District of New York dismissed a proposed residential mortgage-backed securities (RMBS) class action against U.S. Bank, in its capacity as trustee ("U.S. Bank" or...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

Orrick - Finance 20/20

Claims Against RMBS Trustees Dismissed

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On January 19, Judge Richard Berman of the Southern District of New York dismissed, for lack of jurisdiction, the vast majority of claims asserted against Deutsche Bank and Wells Fargo in their respective capacities as RMBS...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

RMBS Contract Claims Against Trustee Dismissed in Part - On October 2, 2015, Justice Saliann Scarpulla of the New York Supreme Court issued an Opinion and Order partially granting Bank of New York Mellon's ("BNYM")...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

SEC Proposes to Amend Rules Governing Its Administrative Proceedings - On September 24, the U.S. Securities and Exchange Commission (the "SEC") proposed to amend rules governing its administrative proceedings. Key...more

Orrick - Finance 20/20

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred

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On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC’s motion for judgment on the pleadings in an action brought by the Federal Housing Financial Agency (“FHFA”)...more

Orrick - Finance 20/20

Banks’ Motion to Dismiss Commerzbank RMBS Fraud Claims Granted

On June 18, 2015, Justice Marcy Friedman of the New York Supreme Court dismissed RMBS fraud claims brought by Commerzbank AG London Branch (“Commerzbank”) against UBS, Nomura Holdings Inc., Barclays Bank PLC, Citigroup and...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Fair and Effective Markets Review Publishes Final Report - On June 10, 2015, the Fair and Effective Markets Review (FEMR), established by the Chancellor in June 2014 to conduct a review of fixed income, currency and...more

Orrick - Finance 20/20

New York’s Highest Court Affirms Dismissal of RMBS Suit Against DB Structured Products as Time-Barred

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On June 11, 2015, the New York Court of Appeals issued its decision in the closely-followed case of ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2 v. DB Structured Products, Inc. New York’s highest court...more

Orrick - Finance 20/20

US Bank and Bank of America Prevail on Motions to Dismiss

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On May 18, 2015, Judge Katherine Forrest of the United States District Court for the Southern District of New York dismissed claims in two suits brought by private investors and the National Credit Union Association,...more

Orrick - Finance 20/20

Second Circuit Affirms Dismissal of Class Action Alleging That RBS Mislead Investors About RMBS Exposure

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On April 15, 2015, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of a putative investor class action against the Royal Bank of Scotland (RBS). The plaintiffs had brought claims under Sections 10(b)...more

Orrick - Finance 20/20

Court Dismisses FDIC’s Amended Complaint for Untimeliness

On March 24, Judge Laura Taylor Swain of the United States District Court for the Southern District of New York granted Defendants’ motion to dismiss an action filed by the FDIC, as receiver for two failed banks, related to...more

Orrick - Finance 20/20

RMBS Fraud Claims Against Bank of America Dismissed

Orrick - Finance 20/20 on

On February 6, 2015, Judge Stanley Chesler of the United States District Court for the District of New Jersey granted in part and denied in part Bank of America’s motions to dismiss two related cases filed against it by...more

Orrick - Finance 20/20

Court Dismisses U.S. Bank’s RMBS Repurchase Claims Against Citigroup as Too Speculative

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On November 14, Judge George B. Daniels of the United States District Court for the Southern District of New York dismissed several of U.S. Bank’s repurchase claims against Citigroup Global Markets Realty Corp. U.S. Bank...more

Orrick - Finance 20/20

Court Reverses Itself and Dismisses RMBS Fraud Complaint Against Several Banks

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On September 30, Judge Sam Lindsay of the U.S. District Court for the Northern District of Texas granted a motion to dismiss plaintiff Town North Bank’s amended complaint against UBS, Morgan Stanley, Merrill Lynch, and J.P....more

Orrick - Finance 20/20

FDIC RMBS Suit Dismissed as Time-Barred

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On August 29, Judge Louis L. Stanton of the United States District Court for the Southern District of New York granted a motion by JPMorgan, Citigroup and several other banks for judgment on the pleadings, dismissing a...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

Orrick - Finance 20/20

Motion to Dismiss Granted in Part in J.P. Morgan and WMC RMBS Trust Suit

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On November 22, Justice Shirley Werner Kornreich of the Supreme Court of the State of New York partially dismissed a putback action brought by the trustee for the J.P. Morgan Mortgage Acquisition Trust 2006-WMC4 against J.P....more

Orrick - Finance 20/20

Morgan Stanley Wins Dismissal of Dexia’s Fraud Suit Over $626 Million in RMBS

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On October 16, Justice Eileen Bransten of the Supreme Court for the State of New York dismissed a suit by FSA Asset Management LLC (FSAM) and Dexia SA/NV (with two related entities, Dexia) alleging fraud by Morgan Stanley in...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - September 16, 2013

UBS Settles RMBS Claims Brought by the FHFA - On September 4, Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California entered an order dismissing with prejudice the Federal Housing...more

Orrick - Finance 20/20

Ambac’s RMBS Claims Against EMC and JPMorgan Dismissed in Part

Orrick - Finance 20/20 on

On June 13, Justice Charles E. Ramos of the Supreme Court of the State of New York dismissed in part an action brought by Ambac Assurance Corp. (Ambac) against EMC Mortgage and JPMorgan Chase & Co. Ambac’s case relates to...more

Orrick - Finance 20/20

$193 Million RMBS Suit Against Countrywide Dismissed as Untimely

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On January 10, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed a $193 million suit brought by mutual fund Asset Management Fund against several Bank of America...more

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