News & Analysis as of

Representations and Warranties Trustees

Bass, Berry & Sims PLC

Chris Lazarini Analyzes Trustee Duties Under Event of Default

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Bass, Berry & Sims attorney Chris Lazarini analyzed a case brought by plaintiffs against Bank of New York Melon (BNYM) alleging that the firm breached its trustee duty to act prudently after the event of default. The court...more

Orrick - Finance 20/20

Appeals Court Affirms BNYM Defense Verdict in Trustee Litigation

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On February 9, the Court of Appeals of Ohio issued an order affirming a 2017 bench trial defense verdict for The Bank of New Mellon (“BNYM“) in a lawsuit filed by certain RMBS investors alleging that BNYM had breached its...more

Orrick - Finance 20/20

New York High Court Affirms Dismissal of Repurchase Claims As Untimely

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On October 16, the New York Court of Appeals affirmed the dismissal of the RMBS repurchase action brought by Deutsche Bank National Trust Company, in its capacity as Trustee of the Harborview Mortgage Loan Trust Series...more

Orrick - Finance 20/20

Lehman Brothers to Pay $2.38 Billion in Connection with RMBS Claims

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On March 8, 2018, Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York issued a decision from the bench valuing RMBS breach of representation and warranty claims against...more

Orrick - Finance 20/20

Court Denies Dismissal of RMBS Trustee’s Claim for Failure to Notify

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On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more

Orrick - Finance 20/20

New York Supreme Court Dismisses ACE Action Re-Asserting Repurchase Claims against DB Structured Products

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On March 29, 2016, Justice Marcy Friedman of the New York Supreme Court rejected the trustee’s attempt to renew previously dismissed claims in ACE Securities v. DB Structured Products, Inc. As we previously reported, the...more

Orrick - Finance 20/20

S.D.N.Y. Rejects “Pervasive Breach” Claim and Issues Numerous RMBS Rulings In Deciding Trusts’ and Issuer’s Motions for Summary...

On January 9, 2015, in a series of rulings, Judge P. Kevin Castel of the United States Court for the Southern District of New York granted in part and denied in part motions for partial summary judgment brought by three MASTR...more

Orrick - Finance 20/20

U.S. Bank Sues Citigroup in Connection with $528 Million of RMBS

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On December 22 and 23, U.S. Bank National Association, as trustee for three RMBS trusts, filed three separate summonses with notice in the Supreme Court of the State of New York. U.S. Bank alleges that Citigroup...more

Orrick - Finance 20/20

ResCap’s Claims Against Mortgage Originators in Minnesota Will Proceed

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On November 12, Judge Susan Richard Nelson of the United States District Court for the District of Minnesota declined to dismiss claims by the Residential Capital LLC (ResCap) bankruptcy trust against six mortgage...more

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