Empire State Building IPO To Proceed

Posted by & filed under Equity.

Justice Sherwood ruled in favor of the proponents of the Empire State Building IPO a few hours ago.  I discussed the case on Fox Business earlier today.  The clip is here: http://video.foxbusiness.com/v/2341127767001/want-your-own-piece-of-the-empire-state-building/?playlist_id=933116624001.

The Servicing Field Is Wide Open

Posted by & filed under CFPB, Regulation.

The CFPB has proposed an additional comment to Regulation X to emphasize that that regulation does not preempt state regulation of mortgage servicing: Proposed comment 5(c)(1)-1 would state further that nothing in RESPA or Regulation X, including the provisions in subpart C with respect to mortgage servicers or mortgage servicing, should be construed to preempt… Read more »

Empire State of IPO

Posted by & filed under Equity.

Bloomberg interviewed me and others about the litigation over the proposed IPO for the Empire State Realty Trust Inc. (which would include the Empire State Building and a few other properties): A 15-month effort to take New York’s Empire State Building public is approaching a crucial ruling in a legal challenge by investors who oppose… Read more »

S&P Myth #1: No One Could Have Known

Posted by & filed under Government lawsuits, Upstream litigation.

S&P filed its Memorandum in Support of Defendants’ Motion To Dismiss the DoJ lawsuit filed back in February. The memorandum states that S&P’s inability, along with other market participants, “to predict the extent of the most catastrophic meltdown since the Great Depression reveals” only “a lack of prescience” and “not fraud.” (1) This short phrase… Read more »

Supreme Court of New York County Rules Against Credit Suisse’s Motion to Dismiss MBS Investor Suit

Posted by & filed under 2012, Investor lawsuits, Upstream litigation.

In Stichting Pensioenfonds ABP v. Credit Suisse Group AG, 2012 WL 6929336 (N.Y.Sup. Nov. 30, 2012), the Supreme Court in New York County ruled that the lawsuit against Credit Suisse related to sales of MBS would proceed. The court denied Credit Suisse’s motion to dismiss with respect to (1) the statute of limitations, (2) fraud, (3) fraudulent inducement,… Read more »

No Scarlet Letter for Robo-Signing

Posted by & filed under 2013, Downstream litigation, New Jersey, Note ownership litigation.

An “admitted robo-signer” and her bank were let off the hook in Grullon v. Bank of America et al.  (Mar. 28, 2013, No. 10-5427 (KSH) (PS)) (D.N.J.). (19)  Grullon, a homeowner, alleged that he, and others similarly situated, was entitled to relief under New Jersey’s Consumer Fraud Act because of BoA’s “bad practices, including: robo-signing,… Read more »

Cherryland, Very Strange

Posted by & filed under 2013, Downstream litigation, Michigan.

I looked at the Cherryland decision yesterday. Law360 ran a story (behind a paywall) about it today, quoting me and others.  To recap, the original Cherryland case appeared to unexpectedly open up many commercial borrowers in Michigan to personal liability. The most recent Cherryland opinion reversed this result as a result of Michigan’s newly passed Nonrecourse… Read more »