ABS Updates are brief notes on developing events relating to structured finance litigation
I recently came across a case involving (among other things) a professional malpractice claim against an auto loan servicer. The court held that loan servicers are not in the category Continue reading Servicers Not Subject to Professional Malpractice Claim
The SDNY recently dismissed a lawsuit by Phoenix Light against U.S. Bank on champerty grounds. That is, the court found that the assignment of claims to Phoenix Light was illegal Continue reading Champerty Defense Defeats Trustee Action Claims
Royal Park v. BoNYM, 14-cv-06502-GHW, appears to have settled.
RMBS PSAs often refer to actual knowledge. I do not think that there is much dispute that “actual knowledge” means actually knew (as opposed to deemed knowledge, about which there Continue reading U.S. Supreme Court Discusses Definition of “Actual Knowledge”
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 Continue reading Trustee Sues Insurer
The First Department issued a decision in Ambac Assur. Corp. v Countrywide Home Loans Inc., 2020 NY Slip Op 00367 (January 16, 2020), endorsing sampling in litigation relating to RMBS repurchase demands. Continue reading First Department Endorses Sampling in Connection with Put-Back Actions
Justice Friedman recently rejected the novel argument that a directing certificateholder is in effect the plaintiff in an action and for that reason a suit so directed fails for lack Continue reading Directing Certificateholder is not the “Effective” Plaintiff in a Put-Back Action
Here are some recent RMBS-related legal developments. First, the Court of Appeals held that the statute of limitations for a claim brought by a trustee is based on where the Continue reading Statute of Limitations for Claim Brought by a Trustee Based on Where Trustee is Located, not Where the Trust was Formed
A certificateholder recently filed a trust instruction proceeding challenging a proposed put-back action settlement relating to OWNIT 2006-7. Here is the petition and the court’s scheduling order.
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
