On September 17, 2019, the First Department issued a decision in HSBC Bank USA v. Merrill Lynch Mtge. Lending, Inc., 2019 NY Slip Op. 06567 [175 AD3d 1149], holding that a PSA’s sole remedy provision allied only to claims for breach of representations and warranties. Continue reading Sole Remedy Provision Applied Only to Breach of Representation and Warranty Claims
On September 17, 2019, the First Department issued a decision in Ambac Assur. Corp. v. Countrywide Home Loans Inc., 2019 NY Slip Op. 06570 [175 AD3d 1156], approving sampling in monoline cases. Continue reading First Department Approves Sampling in Monoline Cases
The First Department unanimously affirmed Justice Scarpulla’s January 9, 2019, partial summary judgment order in HEMT 2006-5 et al vs. DLJ MORTGAGE CAPITAL, INC., et al, Index No. 653787/2012. Continue reading New First Department Put-Back Action Decision and New Settlement
The New York Times is reporting (via Reuters) that Judge Jed Rakoff of the United States District Court for the Southern District of New York has ruled that an anti-trust action alleging price-fixing of Fannie Mae and Freddie Mac bonds can proceed against Goldman Sachs, Deutsche Bank, BNP Paribas, Morgan Stanley, and Merrill Lynch. Judge Rakoff’s decision was based upon chat-room evidence of coordination he described as “direct” and “smoking gun.” Eleven other banks that were not implicated in the chats were dismissed, including TD Bank, Barclays, and Citigroup, but the plaintiffs have been given an opportunity to plead additional facts to bring them back into the action. Continue reading Fannie Mae Bond-Fixing Suit To Proceed Against Goldman Sachs And Others
Law360 (subscription required) and nasdaq.com are reporting that the Second Circuit Court of Appeals has ruled in favor of Eastman Kodak, Fujifilm and other plaintiffs by reversing a lower court’s dismissal of antitrust claims they brought against Goldman Sachs, JP Morgan Chase, and other entities. The plaintiffs are manufacturers who allege that the price they paid for aluminium was inflated through manipulation of warehousing services and futures contracts. The action had been dismissed in 2016, when S.D.N.Y. Judge Katherine Forrest ruled that the plaintiffs lacked anti-trust standing. The Second Circuit’s opinion was written by Judge Pierre Leval. Continue reading Second Circuit Reinstates Aluminium Antitrust Lawsuit
Here are the complaints in two recent put-back actions (here and here) and a letter to the court in Royal Park v. HSBC indicating that the parties have settled their Continue reading New Put-Back Actions and Another Royal Park Settlement
