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 »

Kentucky Counties Sue MERS and Banks for Recording Fees

Posted by & filed under 2012, Kentucky, Recording-fee litigation.

In Boyd County, et al. v. MERSCORP, Inc., 0:12-cv-00033-HRW (Apr. 19, 2012) several counties in Kentucky brought a lawsuit against MERS and several Banks for lost recording fees. On August 7, 2012, the U.S. District Court for the Eastern District of Kentucky issued a stay of action pending the result of Christian County Clerk v. Mortgage… Read more »

Kentucky Attorney General Sues MERS for Recording Fees

Posted by & filed under 2013, Kentucky, Recording-fee litigation.

In Commonwealth of Kentucky v. MERS Holdings, Inc., L3-CI-00060 (Jan. 23, 2013), the Kentucky attorney general filed a lawsuit against MERS seeking recording fees, claiming that it wrongfully held itself out as mortgagee on recorded mortgages, deceptively failed to record mortgage assignments, deceptively brings foreclosure actions, and lacks standing to bring foreclosure actions. This suit… Read more »

UCC’s Permanent Editorial Board Reports on Ownership of and Right to Enforce Notes

Posted by & filed under Downstream litigation commentary, Upstream litigation commentary.

In Application of the Uniform Commercial Code to Selected Issues Related to Mortgage Notes, the Permanent Editorial Board for the Uniform Commercial Code describes the legal difference between the right to enforce a note (governed by Article 3 of the UCC) and ownership of a note (governed by Article 9 of the UCC). The Report… Read more »

New York Attorney General Sues J.P. Morgan for Fraudulent and Deceptive Acts in Promoting and Selling Mortgage-Backed Securities

Posted by & filed under Government lawsuits, Upstream litigation.

In New York v. J.P. Morgan Securities LLC, No. 451556/2012 (County of New York Oct. 10, 2012), the New York Attorney General sued J.P. Morgan (and several of its affilliates, including entities formerly a part of Bear, Stearns & Co.) for its role in connection with the creation and sale of residential mortgage-backed securities (RMBS). The… Read more »

HSH Nordbank Sues Barclays Bank for Fraud in Issuing Mortgage-Backed Securities

Posted by & filed under Investor lawsuits, Upstream litigation.

In HSH Nordbank v. Barclays Bank, No. 652678/2011 (New York County Apr. 2, 2012), HSH Nordbank claims that Barclays Bank issued MBS offering materials that included false and misleading statements regarding (1) assignment of mortgages and notes to trusts, (2) the tax treatment of trusts as REMICs, (3) occupancy status of homes secured by mortgages, (4) the combined… Read more »