July 3, 2013
More Misrepresentations, More Litigation
Judge Pfaelzer (C.D. Cal.) issued an order in American International Group Inc. v. Bank of America Corp., No. 2:11-CV-10549 (May 6, 2013), which allowed AIG to proceed with its claim that it was fraudulently induced to buy MBS by Countrywide … Continue reading
July 3, 2013 in Upstream litigation by date | Permalink | No Comments
June 28, 2013
BoA Claws Back Clawback
New York County Supreme Court Justice Bransten held, in U.S. Bank National v. Countrywide Home Loans, Inc., no. 652388-2011 (May 29, 2013), that a trustee cannot succeed in getting the defendants (Countrywide entities among others) to repurchase all of the … Continue reading
June 28, 2013 in Upstream litigation by date | Permalink | No Comments
June 27, 2013
Casting Light on the Shadow Docket
New York Attorney General Schneiderman’s lawsuit against various HSBC entities, New York v. HSBC Bank USA et al., No. 2013-1660 (May 31, 2013), alleges that HSBC entities have sent hundreds or thousands of NY households into legal limbo because they … Continue reading
June 27, 2013 in Upstream litigation by date | Permalink | No Comments
June 24, 2013
Investor HERA-sy
As I have previously noted, Fannie and Freddie investors have filed a complaint, Washington Federal et al. v. U.S.A., No. 1:13-cv-00385-MMS (June 10, 2013), alleging that the federal government “expropriated [Fannie and Freddie’s] common and preferred shareholders’ rights and the … Continue reading
June 24, 2013 in Upstream litigation by date | Permalink | No Comments
June 20, 2013
Servicing Fraud Claim Survives Motion To Dismiss
Judge Gonzalez Rogers issued an opinion in Ellis v. J.P. Morgan Chase, No. 4:12-cv-03897-YGR (N.D. Cal. June 13, 2013) in which she denied a motion to dismiss a fraud claim in this class action lawsuit arising from Chase’s servicing business. … Continue reading
June 20, 2013 in Upstream litigation by date | Permalink | No Comments
June 19, 2013
The Devil is in the Statute of Limitations
NY Supreme Court Justice Kornreich (N.Y. County) issued an opinion ACE Securities Corp. v. DB Structured Products Inc., No. 650980/2012 (May 13, 2013) that diverges in approach from an earlier SDNY opinion as to whether the statute of limitations runs … Continue reading
June 19, 2013 in Upstream litigation by date | Permalink | No Comments
May 30, 2013
Standard & Poor Puffery
The Department of Justice filed its opposition to S&P’s Motion to Dismiss the federal government’s FIRREA lawsuit. At this stage of the litigation, it appears as if the key issue is whether S&P’s alleged misrepresentations about its business practices are … Continue reading
May 30, 2013 in Upstream litigation by date | Permalink | No Comments
