On December 19, 2012, Judge Denise Cote of the federal district court for the Southern District of New York decided motions to dismiss FHFA’s action against Ally Financial and underwriters of Residential Capital securities....more
On December 17, the National Credit Union Administration (NCUA) announced a lawsuit on behalf of four insolvent credit unions against a mortgage securitizer in which the agency alleges violations of federal and state...more
On December 3, the United States Court of Appeals for the Sixth Circuit affirmed a decision by Judge James K. Graham of the Southern District of Ohio dismissing, with prejudice, claims against three credit-rating agencies –...more
On November 21, Judge Mariana Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred an RMBS action brought against Countrywide by the FDIC as receiver for Strategic...more
On November 16, German lender IKB Deutsche Industriebank AG sued Morgan Stanley and related entities in the Supreme Court for the State of New York for $147 million in connection with the sale of RMBS....more
On November 5, 2012, the U.S. Supreme Court heard argument in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 1085, a securities class action, that concerned the ongoing question of what evidence is required...more
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