March 11, 2013
Reiss on Booming Structured Finance Litigation
Law360 interviewed me about the boom in structured finance litigation arising from the Financial Crisis (here, behind a paywall): banks will not be able to let their guard down anytime soon, thanks to the U.S. Department of Justice’s rediscovery of … Continue reading
March 11, 2013 in Upstream litigation | Permalink | No Comments
March 6, 2013
UCC’s Permanent Editorial Board Reports on Ownership of and Right to Enforce Notes
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 … Continue reading
March 6, 2013 in Upstream litigation | Permalink | No Comments
March 4, 2013
Second Circuit Finds Plausible Claims of Widespread Misconduct in RMBS Offering
The Second Circuit ruled in New Jersey Carpenters Fund v. The Royal Bank of Scotland Group et al. on a number of issues, but of interest to me are the sections dealing with allegations of misrepresentations. The Court writes that … Continue reading
March 4, 2013 in Upstream litigation | Permalink | No Comments
March 1, 2013
Rakoff Rules Again for an Investor Against a Securitizer
Judge Rakoff explains his denial of the defendants’ (various Bear Stearns, JPMorgan and WAMU entities) motion to dismiss the suit. The suit alleges that the defendants “made fraudulent representations regarding the riskiness of he securitizations and the underlying loans” upon … Continue reading
March 1, 2013 in Upstream litigation | Permalink | No Comments
February 27, 2013
Rakoff Rules for Monoline Insurer Against Securitizer
Judge Rakoff ruled for Assured Guaranty against Flagstar and awarded Assured more than $90 million. The 103 page order is a pretty compelling read as it is a careful review of a battle of the experts and has lots of … Continue reading
February 27, 2013 in Upstream litigation | Permalink | No Comments
February 15, 2013
California’s S&P Suit
The California complaint follow on the heels of the DoJ complaint but it hangs its hat on an aggressive theory — that S&P’s ratings violate California’s False Claims Act. While I do not yet have an opinion about whether that … Continue reading
February 15, 2013 in Upstream litigation | Permalink | No Comments
February 12, 2013
More on The DoJ’s S&P Lawsuit
Law360 interviewed me and others about the reliance on FIRREA in the Department of Justice’s complaint (story available here).
February 12, 2013 in Upstream litigation | Permalink | No Comments
