Someone recently sent me—and so I pass on to all of you—a complaint in an action where U.S. Bank is suing the insurer FIC for not covering U.S. Bank’s settlement payments in RMBS litigation. As the Complaint describes it:
This action involves a dispute regarding the insurance coverage available to U.S. Bank with respect to numerous past and pending lawsuits against U.S. Bank involving its role as trustee for various trusts holding interests in residential mortgage backed securities. These lawsuits (the “RMBS Litigation”) include, but are not limited to, the lawsuits titled Blackrock Balanced Capital Portfolio, et. al. v. U.S. Bank National Association, Index No. 652204/2015 (“Blackrock”) and Royal Park Investments SA/NV v. U.S. Bank National Association, 1:14-cv-02590-vm-RWL (“Royal Park”).