Category: Claims Against Trustees

The First Department has issued an interesting (not RMBS-related) decision discussing what duties an indenture trustee owes (or at least might owe) an investor.

NCUA has settled with Wells Fargo. If/when the settlement amount becomes public, we will let you know.

Here is a recent decision by Justice Cohen in an RMBS trustee action. There is lots of good stuff in here, in particular the recognition that the duty to hold Continue reading Trustee Bound by Obligation to Exercise a Trust’s Rights

Royal Park is settling its lawsuit with BoNYM. Because it is a derivative action, certificateholders in the affected trusts will be given notice and an opportunity to substitute in regarding Continue reading Trustee Action Settlement

U.S. Bank recently filed its opposition to Commerzbank’s motion for reconsideration. In it, U.S. Bank expanded on its argument that the transfer of certificates in RMBS trusts occurs in New Continue reading U.S. Bank Doubles Down on Argument that Transfers of RMBS Certificates Governed by New York Law

Commerzbank has settled its claims with BofA in Commerzbank v. U.S. Bank and BofA. Attached is a complaint related to a CLO deal that did not close because of the Continue reading Trustee Action Settlement; The Pandemic and the CLO Market

Here are some thoughts based on a first, quick reading of the Commerzbank v. U.S. Bank RMBS trustee summary judgment decision: On standing, the court held that New York law Continue reading Thoughts on the Commerzbank v. U.S. Bank Summary Judgment Decision

Royal Park v. BoNYM, 14-cv-06502-GHW, appears to have settled.

Here is last week’s decision on US Bank’s motion to dismiss by Justice Borrok in MLRN v. US Bank, 652712/2018, an RMBS trustee action. Read the whole thing; here are Continue reading Pleading Standard in RMBS Cases is a Low Bar