News & Analysis as of September 21, 2024

Residential Mortgage-Backed Securities

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Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -

Rulings on Standing and Statute of Limitations Deliver Huge Blow to RMBS Investors

Bilzin Sumberg on 2/18/2022

Last week, the U.S. District Court for the Southern District of New York dealt a major blow to mortgage investors in two parallel actions pending for the past few years. The impact proved to be fatal to one of the actions,...more

Will CMBS litigation be the new RMBS litigation?

Bilzin Sumberg on 12/10/2020

Residential mortgage-backed securities offerings prior to 2008 gave rise to an abundance of litigation, some of which continues to this day. There may be reason to anticipate an increase in commercial mortgage-backed...more

New York High Court Rules on Statute of Limitations

Bilzin Sumberg on 12/11/2018

Over the last several years, we have posted several times about whether the statute of limitations bars remedies against lenders (and sometimes sponsors and trustees) of residential mortgages. ...more

Accrual Clauses in RMBS Contracts Violate New York Law and Public Policy

Cadwalader, Wickersham & Taft LLP on 10/19/2018

On October 16, 2018, the New York State Court of Appeals held that contractual attempts to extend the statute of limitations for causes of action involving breaches of contract are unenforceable because they violate New York...more

Second Circuit Affirms $800 Million Judgment Under Securities Act And Certain State "Blue Sky" Laws, Addressing A Variety Of...

A&O Shearman on 10/3/2017

On September 28, 2017, the United States Court of Appeals for the Second Circuit affirmed a judgment, entered after a bench trial by Judge Denise Cote of the United States District Court for the Southern District of New York,...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 10/12/2016

In a “highly anticipated” ruling from the US Court of Appeals for the DC Circuit, a three-judge panel has found the structure of the Consumer Financial Protection Bureau unconstitutional, holding that the current organization...more

Morgan Stanley and Natixis Win Dismissal of RMBS Claims

Orrick - Finance 20/20 on 7/28/2015

On July 14, 2015, Justice Friedman of the New York State Supreme Court for the County of New York granted in part Morgan Stanley & Co.’s motion to dismiss fraud claims brought by HSH Nordbank AG (“HSH”) and Carrera Capital...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 7/23/2015

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred - 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...more

New York Supreme Court Holds RMBS Claims Are Timely, But Accrual Provision Unenforceable

Orrick - Finance 20/20 on 3/10/2015

On March 3, 2015, Justice Marcy S. Friedman of the New York Supreme Court granted in part and dismissed in part Defendant Greenpoint Mortgage Funding, Inc.’s Motion to Dismiss an action in which it was said to have...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 7/15/2014

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

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

Orrick, Herrington & Sutcliffe LLP on 4/14/2014

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

Third Circuit Affirms Dismissal of Securities Class Action Against UBS

Orrick - Finance 20/20 on 9/26/2013

On September 17, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal, as time-barred, of a class action brought by RMBS certificateholders against UBS over losses related to the RMBS. Filing suit in...more

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

Orrick - Finance 20/20 on 5/20/2013

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

$193 Million RMBS Suit Against Countrywide Dismissed as Untimely

Orrick - Finance 20/20 on 1/23/2013

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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