Securities Residential Mortgage-Backed Securities

News & Analysis as of

NY High Court Boots Mortgage Repurchase Case on Limitations

In a ruling that may signal the end to much of the litigation over mortgage-backed securities, New York’s highest court held limitations for breach of warranty litigation over portfolio loans run from the MLSA closing date...more

Court Enters $806 Million Judgment in FHFA v. Nomura

On May 16, 2015, Judge Denise Cote of the United States District Court for the Southern District of New York entered a judgment requiring Nomura and RBS to buy back, at a total cost of $806 million, seven RMBS certificates...more

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

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

Second Circuit Narrows Class Standing Doctrine

In NECA-IBEW v. Goldman Sachs, the Second Circuit arguably opened up a new door in class action litigation when it held that investors in one securities offering had standing to represent a putative class of investors in...more

This Week In Securities Litigation

The DOJ’s settlement with S&P for $1.4 billion, coupled with admissions of fact, made headlines this week. The settlement was joined by 19 states and the District of Columbia. The DOJ and the states will essentially split the...more

FHFA Wins Summary Judgment That It Did Not Have Actual Knowledge of RMBS Misrepresentations

On July 30, Judge Denise Cote of the United States District Court for the Southern District of New York granted the motion for partial summary judgment brought by FHFA, as conservator for Fannie Mae and Freddie Mac. ...more

Court Grants in Part RBS Motion for Summary Judgment in Repurchase Action

On July 23, Judge William Conley of the Western District of Wisconsin granted in part and denied in part RBS Securities Inc.’s motion for summary judgment in a suit brought by CUNA Mutual Group seeking to rescind the purchase...more

The RQFII Program—Opportunities and Challenges for International Investors Interested in Direct Access to PRC Securities with...

The Renminbi Qualified Foreign Institutional Investor (“RQFII”) pilot program allows non-PRC institutional investors from certain jurisdictions that have officially implemented the RQFII (the “Relevant Jurisdictions”) to deal...more

Second Circuit Rejects the “Listing Theory” Under Morrison

At the end of last month the Second Circuit clarified its position on the application of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) to RICO. Now the Circuit Court had resolved an open question regarding...more

New Jersey AG Files RMBS Suit

On December 18, New Jersey’s Acting Attorney General John Hoffman announced a lawsuit against a mortgage securitizer and related firms for allegedly violating state securities law by making fraudulent misrepresentations and...more

Orrick's Financial Industry Week in Review - September 9, 2013

Agency Template for Tailored Resolution Plans - On September 3, the FDIC and the Fed released an optional model template for tailored resolution plans required to be submitted by the Dodd-Frank Act. SEC Risk...more

Orrick's Financial Industry Week in Review - February 4, 2013

In This Issue: *Financial Industry Developments - SEC Extends Exemptions for Security-Based Swaps - Fed Announces Release Dates for Results of Supervisory Stress Tests and CCAR - Rating Agency Developments...more

NCUA Files Its Largest MBS Suit To Date

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

Sixth Circuit Affirms Dismissal of Claims Against Credit Rating Agencies

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

Court Dismisses FDIC RMBS Suit as Time-Barred

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

IKB Files Suit Against Morgan Stanley Over $147M in RMBS

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

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